Zambia’s central bank increased its benchmark lending rate by 50 basis points to 10.0% in a decision announced on Wednesday.
“The decision was informed by the movement of current and projected inflation,” Bank of Zambia Governor Denny Kalyalya told a news conference.
Annual inflation (ZMCPIY=ECI) edged higher to 10.3% in July from 9.8% in June.
The bank had raised its lending rate twice already this year before Wednesday’s announcement, in an effort to get inflation within its target of between 6% and 8%.