Bloomberg News

Zambia’s Central Bank Keeps Its Benchmark Rate Unchanged at 9%

July 27, 2012

Zambia’s central bank kept its benchmark interest rate unchanged at 9 percent for the fourth straight month in July as inflation in Africa’s biggest copper producer slowed to the lowest level since February.

The central bank “anticipates inflation pressures in August to be subdued,” the Lusaka-based Bank of Zambia said in an e-mailed statement today. The central bank introduced the rate in March.

Inflation in the southern African nation slowed to 6.2 percent in July, the statistics agency said yesterday. Zambia’s inflation will probably remain near 6 percent this year, according to the International Monetary Fund.

The country’s economy will probably expand 7.7 percent this year, reflecting strong growth in copper output and agriculture other than corn, the bank said.

To contact the reporter on this story: Matthew Hill in Johannesburg at mhill58@bloomberg.net

To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net


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