The Bank of Zambia has cut the Monetary Policy Rate (MPR) by 2.5 percentage points to 10.75 percent.

Bank of Zambia Governor Denny Kalyalya says the decision has been driven by lower inflation and an improved economic outlook.

Dr. Kalyalya says the lower rate is expected to feed through to other interest rates and support economic activity.

He says the move is also intended to align monetary policy with the inflation outlook and create more room for economic actors.

Speaking in Lusaka today during the Monetary Policy Committee (MPC) media briefing, Dr. Kalyalya said inflation has continued to decline and is now firmly within the six-to-eight percent target band.

He said inflation fell to 6.1 percent in September, driven mainly by lower maize grain prices and continued Kwacha appreciation.

Dr. Kalyalya said inflation is expected to remain within the target band over the forecast period.

He said the Kwacha appreciated by 8.3 percent during the third quarter, supported by increased foreign exchange supply.

Dr. Kalyalya said revenue from the mining sector, amounting to about 1.2 billion U.S. dollars, contributed significantly to the increased supply of foreign exchange.

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