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Zambia's central bank cut its policy rate by 150 basis points, the reserve ratio by 250 points and the overnight lending facility rate by 400 points citing a sharp fall in inflation, continued appreciation of the kwacha's exchange rate and improving economic prospects.
Fitch Ratings has affirmed Zambia's Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) at 'B' with Negative Outlook. The issue ratings on Zambia's long-term senior unsecured foreign- and local-currency bonds and short-term senior unsecured local-currency securities are also affirmed at 'B'. The Country Ceiling is affirmed at 'B+' and the Short-Term Foreign and Local Currency IDRs at 'B'.
Zambia's central bank left its policy rate at 15.50 percent, but made it easier for commercial banks to access liquidity due to a decline in inflation and said future rate changes "will be guided by inflation outcomes and forecasts as well as progress in fiscal consolidation."
Zambia annual inflation fell sharply in October, dropping by 6.4 percentages points, its statistics agency said on Thursday.
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