BoZ maintains police rate at 9.25 % for May

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The Bank of Zambia (BoZ) has maintained its policy rate at 9.25 percent for the month of May 2013 following a meeting held by the bank’s monetary policy committee this month.


BoZ Head of Public Relations Kanguya Mayondi said the committee was of the opinion that inflationary pressures will further moderate in May 2013, mainly due to the seasonal improvement in food supply, notably maize following the harvest.


Mr. Mayondi said in a statement issued to ZANIS in Lusaka today that this will be despite cost-push pressures associated with the lagged effects of the depreciation of the Kwacha in the first quarter of the year.


He said the committee has weighed the risks to inflation and decided to maintain the policy rate at 9.25 per cent.


Mr. Mayondi said the next meeting of the monetary policy committee to review the Bank of Zambia policy rate will be held at the end of May 2013.