Zambia cuts benchmark lending rate by 12.5%

Zambia’s central bank cut its benchmark lending rate by 150 basis point to 12.5 percent, Governor Denny Kalyalya has said , citing lower inflation and subdued economic growth.

“Among the principle reasons the monetary policy committee considered … is the continued decline in inflation,” he said.

The nation’s inflation was flat at 6.7 percent year-on-year in April, the statistics office said last month, maintaining its steady decline from more than 20 percent a year ago.

Reuters/Ime N