Zambia central bank postpones rates decision

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Zambia's central bank said on Wednesday it was postponing the announcement of its latest interest rate decision to May 9.

The Bank of Zambia also said it would also immediately cut the frequency of its policy meetings to once every quarter from every month.

“The review has been made in order to enable for in-depth analyses of macroeconomic developments with a longer time perspective,” the bank said in a statement.

At its last policy meeting in March, the Bank of Zambia increased interest rates by 175 basis points to 12 per cent in a bid to reverse a decline in the kwacha currency to an all-time low against the dollar.