Latest news with #DennyKalyalya
Bloomberg
6 days ago
- Business
- Bloomberg
Zambia Leaves Key Interest Rate Unchanged to Crush Inflation
Zambia's central bank held its key interest rate for a second consecutive time to further contain inflation. The monetary policy committee kept the rate at 14.5%, Governor Denny Kalyalya told reporters in the capital, Lusaka, on Wednesday.
Bloomberg
23-05-2025
- Business
- Bloomberg
Zambia Halts Rate Hikes as Corn Boom Seen Cooling Inflation
Zambia's central bank held its key interest rate as it expects the disinflation process to continue. The monetary policy committee maintained the rate at 14.5%, Governor Denny Kalyalya told reporters in the capital, Lusaka, on Friday, after raising it by 50 basis points in February.
Yahoo
12-02-2025
- Business
- Yahoo
Zambia Lifts Interest Rate by Half-Point to Fight Inflation
(Bloomberg) -- Zambia's central bank raised its key interest rate by a half percentage point to its highest level in more than eight years to support its currency and curb inflation. Saudi Arabia's Neom Signs $5 Billion Deal for AI Data Center Nice Airport, If You Can Get to It: No Subway, No Highway, No Bridge The Forgotten French Architect Who Rebuilt Marseille Sin puente y sin metro: el nuevo aeropuerto de Lima es una debacle In New Orleans, an Aging Dome Tries to Stay Super The monetary policy committee hiked the rate to 14.5% from 14%, Governor Denny Kalyalya told reporters in the capital, Lusaka, on Wednesday. 'The underlying reasons for doing this is to steer inflation back to the 6% to 8% target band,' and anchor inflation expectations, he said. The MPC said in an accompanying statement that it stood 'ready to take further action' should inflation persist above the target range. The annual inflation rate, which held steady at 16.7% in January, has been above the central bank's target range since May 2019. Prices have been kept elevated by the southern African nation's worst drought in more than a century. Sign up for the twice-weekly Next Africa newsletter for the latest business and economic news from the continent. Inflation is projected to remain outside the target band over the next eight quarters, the governor said. It is also expected to average 14.6% in 2025, compared with 13.9% estimated in the November MPC statement, he said. 'The relatively higher profile for 2025 is largely influenced by the recent increase in inflation and the persistent depreciation of the exchange rate,' Kalyalya said. 'In 2026, although inflation is projected to decline to 10.6%, it will still be above the target band.' The dry spell contributed to an 8% slump in the kwacha since the start of 2024 as costly food and electricity imports increased amid shortages. In November the energy regulator raised electricity prices by 115% for consumers with large power demands to pay for the imports. Zambia relies on hydropower for about 85% of its electricity generation, making it extremely vulnerable to reduced water supply as a consequence of the drought. You can follow Bloomberg's reporting on Africa on WhatsApp. Sign up here (Updates with more details from press conference from fourth paragraph.) Why Fast Food Could Be MAHA's Next Target Trump's Tariffs Make Currency Trading Cool Again After Years of Decline The Game Changer: How Ely Callaway Remade Golf Trump Promised to Run the Economy Hotter. His Shock and Awe May Have a Chilling Effect Orange Juice Makers Are Desperate for a Comeback ©2025 Bloomberg L.P. Sign in to access your portfolio
