Key Monetary Indicators (Current/Latest Data)
Annual Inflation (CPI)
16.7%
as of Dec 2024 (ZamStats/BoZ)
BoZ Policy Rate (MPR)
14.50%
as of Feb 2025
ZMW / USD (Avg. 2024)
~26.50
End of 2024 (EOP)
Avg. Lending Rate
~29.12%
as of Jan 2025
Key Monetary Trends (2000 - 2025)
Comparison of Inflation/Policy Rate (Left Axis) and Commercial Lending Rate (Right Axis).
Annual Summary Data (End-of-Period)
| Year | Annual CPI (%) | BoZ Policy Rate (%) | Avg. Lending Rate (%) | ZMW/USD (EOP) |
|---|
**Note:** Pre-2010 ZMW/USD values use the **old currency (ZMK)**, equivalent to multiplying the modern value by 1,000. Sources: BoZ, ZamStats, IMF, CEIC. Values are approximations for end-of-year/latest available.
Foreign Reserves & Policy Focus
Gross International Reserves (GIR)
$4.09 Billion USD
as of Nov 2024 (BoZ - *approx. 3.7 months import cover*)
Monetary Policy Focus
Anchoring Inflation Expectations
The BoZ's primary objective remains to achieve and maintain low and stable inflation, currently targeting a band of **6% to 8%**. High inflation in recent years (driven by currency depreciation and food supply shocks) has necessitated **aggressive tightening** (raising the MPR and Statutory Reserve Ratio) to contain price growth and support the Kwacha.