Public Management

Zambia Central bank raises benchmark rate by 50 bps to 10.25%

Thursday, 23 May 2019 17:41
Zambia Central bank raises benchmark rate by 50 bps to 10.25%

(Ecofin Agency) - For the first time since 2015, Zambia central bank has raised its benchmark rate by 50 basis points to 10.25%. This was revealed by the bank’s governor Denny Kalyalya (photo) during a press conference on  May 22, 2019.

The new measure is aimed at supporting macroeconomic stability and controlling the inflation caused by the decrease in corn production, a rise of budget deficit (7.5% of GDP in 2018), an increase in public debt and a decrease of foreign reserves.  

To benefit from an IMF support program, the country is striving to reduce its debt burden, which reached $10.05 billion at end 2018. In that regard, various austerity measures were announced by authorities to reduce the government’s spendings.

It is also trying to boost its revenues by increasing taxes and duties levied on mining firms. This increase has however created a crisis that may affect the sector’s performances. According to Denny Kalyalya, this crisis directly affects the economy. He, therefore, invites the government and mining industries to reach an agreement.

Let’s note that for the next eight quarters, the central bank will forecast yearly inflation above the 6-8% mark.

Moutiou Adjibi Nourou

Additional Info

  • communiques: Non
  • couleur: N/A
 
Finance


 
Telecom


Ecofin Agency covers the news from 9 business sectors in Africa: Public management, Finance, ICT, Agribusiness, Electricity, Mining, Oil and Gas, Comms and Laws. Ecofin Agency is also creating and management specialized medias, in paper and on the web/social networks, for institutions or African publishers.

AGENCE ECOFIN

Mediamania Sarl
Rue du Léman, 6
1201 Genève
Tél: +41 22 301 96 11

REDACTION
redaction@agenceecofin.com

Public management
Aaron AKINOCHO
Borgia KOBRI
Moutiou ADJIBI

Finance
Idriss LINGE
Walid KEFI
Chamberline MOKO

Agribusiness
Espoir OLODO

Electricity
Gwladys JOHNSON

Oil and Gas
Olivier DE SOUZA

Mining
Louis-Nino KANSOUN

ITC 
Muriel EDJO

Comms
Servan AHOUGNON

Cameroon
Brice R. MBODIAM
Sylvain ANDZONGO
Monique MAY
Julienne Rose SENDE

Togo
Fiacre E. KAKPO
Waliyullah TAJUDEEN
Séna AKODA

Niger
Sandrine GAINGNE

Gabon
Stephane BILLE
Pierre-Celestin ATANGANA

Desk
Stéphane ALIDJINOU
Souha TOURE
Vahid CODJIA
Diane ZODEHOUGAN
Hikmatu BILALI

Translation
Schadrac AKINOCHO
Mouka MEZONLIN
Firmine AÏZAN



Digital
Omar SOKHNA
Mamadou DIOP
Bacary MANE
Abdel Razak MOULIOM

Digital Marketing
Jérémie FLAUX
Geraud ACHI
Jean Christian BERNARD
Franck FOUTE

Web publishing
Bakoly RAHARISOA
Rina RAMANANDRAISOA
Hasina RAJEMISON

Development
Dominique FLAUX

 


 
REGIE COMMERCIALE
AGENCE ECOFIN
Rue du Léman, 6
1201 Genève
Tél: +41 22 301 96 11
Fax: +41 22 301 96 10

Benjamin FLAUX
bf@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72

Voir page 
Nos services
 

 










 



Ecofin Agency is a news agency for economic and sectorial information. It was created in 2010 and it website was launched in June 2011.

Please publish modules in offcanvas position.