Zambia’s Central Bank cuts rate to save economy

Zambia has cut its lending rate owing to effects of the Coronavirus pandemic. Zambia’s Apex bank reduced the lending rate by 225 basis points to 9.25%

The bank forecast that gross domestic product (GDP) will shrink by 2.6% in 2020- its first economic contraction in more than 20 years. Despite debt and other issues the GDP grew by 1.9% in 2019.

Fiscal pressures are expected to heighten in 2020 as revenue performance is adversely affected by COVID-19, while spending to combat the virus rises.

Zambia has 832 COVID-19 cases and has recorded 7 deaths.

Before the coronavirus hit Africa’s second largest copper producer, power shortages had already hampered activity and growing public debt.

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