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Zambia Interest Rate

The Bank of Zambia held its Monetary Policy Rate at 14.5% on August 11-12, 2025, continuing a stable trend observed through at least August 13, 2025. This decision follows a drop in inflation to 13.0% in July from 14.1% in June. Factors contributing to this decline include better maize supply, lower fuel costs and a stronger Kwacha due to higher copper export earnings and a weaker US dollar. Inflation is expected to reach the 6-8% target band by early 2026, supported by currency appreciation, reduced food and energy prices and policy reforms. Zambia's record low interest rate was 8.0% on August 31, 2020 and record high was 15.5% on December 31, 2015.

Historical Data (2015-2025)

(in %)
Date Interest Rate
Aug 13, 2025 14.5%
Jun 30, 2025 14.5%
May 23, 2025 14.5%
Mar 31, 2025 14.5%
Feb 11, 2025 14.5%
Dec 31, 2024 14%
Nov 13, 2024 14%
Sep 30, 2024 13.5%
Aug 14, 2024 13.5%
Jun 30, 2024 13.5%
May 15, 2024 13.5%
Mar 31, 2024 12.5%
Feb 13, 2024 12.5%
Dec 31, 2023 11%
Nov 22, 2023 11%
Sep 30, 2023 10%
Aug 16, 2023 10%
Jun 30, 2023 9.5%
May 17, 2023 9.5%
Mar 31, 2023 9.25%
Feb 14, 2023 9.25%
Dec 31, 2022 9%
Nov 16, 2022 9%
Sep 30, 2022 9%
Aug 17, 2022 9%
May 31, 2022 9%
Apr 12, 2022 9%
Feb 18, 2022 9%
Dec 31, 2021 9%
Nov 17, 2021 9%
Jun 30, 2021 8.5%
May 19, 2021 8.5%
Mar 31, 2021 8.5%
Feb 17, 2021 8.5%
Aug 31, 2015 12.5%
Zambia Interest Rate : Definition
The Interest Rate set by the Bank of Zambia is the benchmark cost of borrowing in the economy. It influences lending, spending, investment, inflation, and overall financial stability.
Indicator Last Value Prior Value Period
Private Credit (% GDP) 12.98% 11.36% 2022