Tuesday, November 3, 2015

The Global Future: Zambia Raises Interest Rates to 15.5% in Inflation Busting Effort.....

....as US, Japanese and EU central banks have adopted a policy of "getting inflation going."

Zambia's central bank has pushed up interest rates from 12.5% to 15.5% in an effort to curb soaring inflation, reports the BBC.

Consumer prices nearly doubled in October to 14.3% from 7.7% in September as Zambia's currency weakened sharply.

"In arriving at our decision the committee took into account the inflationary outturn. Keeping inflation expectations anchored in single digits is critical," central bank governor Denny Kalyalya said.

Thousands of Zambians rallied to pray against the country's economic woes in Lusaka on 18 October.


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