Thursday, 24 September 2026Lusaka, Zambia
Zambia's Independent Voice on Technology, Economics & Markets
Interest Rates

Average Lending Rate

What a commercial borrower actually pays: base rate plus margin.

27.29%Aug 2026−0.28 ppon the month−1.38 ppon the year
12-month average28.06
Record high29.46Nov 2016
Record low16.02Apr 2013
Observations187since Jan 2011

Average Lending Rate, Jan 2011 to Aug 2026

1015202530352011201320152017201920212023202527.29

Show the numbers
MonthAverage Lending Rate (%)
Aug 202627.29
Jul 202627.57
Jun 202627.53
May 202627.79
Apr 202628.01
Mar 202628.61
Feb 202628.20
Jan 202628.02
Dec 202528.00
Nov 202528.40
Oct 202528.66
Sep 202528.60
Aug 202528.67
Jul 202528.43
Jun 202528.92
May 202529.36
Apr 202529.04
Mar 202528.71
Jan 202528.73
Dec 202429.08
Nov 202429.00
Oct 202428.33
Sep 202428.73
Aug 202428.36
Jul 202428.60
Jun 202428.57
May 202428.52
Apr 202428.12
Mar 202427.94
Feb 202427.63
Jan 202426.95
Dec 202326.66
Nov 202326.58
Oct 202326.20
Sep 202326.12
Aug 202325.85
Jul 202325.67
Jun 202325.79
May 202325.74
Apr 202325.74
Mar 202325.48
Feb 202325.48
Jan 202325.25
Dec 202225.23
Nov 202224.98
Oct 202224.71
Sep 202225.11
Aug 202225.11
Jul 202225.06
Jun 202225.15
May 202225.01
Apr 202225.25
Mar 202225.23
Feb 202225.60
Jan 202225.75
Dec 202125.74
Nov 202125.91
Oct 202125.79
Sep 202125.90
Aug 202125.92
Jul 202125.68
Jun 202124.88
May 202124.82
Apr 202126.20
Mar 202126.27
Feb 202125.98
Jan 202125.63
Dec 202025.17
Nov 202025.09
Oct 202024.87
Sep 202025.32
Aug 202025.72
Jul 202026.25
Jun 202025.83
May 202026.38
Apr 202027.94
Mar 202028.22
Feb 202028.75
Jan 202028.35
Dec 201928.23
Nov 201928.02
Oct 201927.21
Sep 201926.65
Aug 201926.12
Jul 201925.84
Jun 201925.32
May 201925.37
Apr 201924.91
Mar 201924.59
Feb 201924.59
Jan 201924.61
Dec 201824.03
Nov 201823.56
Oct 201823.97
Sep 201824.38
Aug 201822.99
Jul 201823.46
Jun 201823.70
May 201824.13
Apr 201823.91
Mar 201824.09
Feb 201824.11
Jan 201824.27
Dec 201724.52
Nov 201724.57
Oct 201725.53
Sep 201725.41
Aug 201725.41
Jul 201726.56
Jun 201726.38
May 201726.78
Apr 201728.20
Mar 201728.19
Feb 201728.76
Jan 201728.94
Dec 201629.24
Nov 201629.46
Oct 201629.38
Sep 201628.68
Aug 201628.92
Jul 201628.79
Jun 201628.98
May 201628.59
Apr 201628.00
Mar 201627.54
Feb 201626.47
Jan 201626.01
Dec 201525.83
Nov 201523.32
Oct 201523.57
Sep 201520.78
Aug 201520.78
Jul 201520.73
Jun 201520.73
May 201520.40
Apr 201520.51
Mar 201520.47
Feb 201520.41
Jan 201520.39
Dec 201420.52
Nov 201420.46
Oct 201420.51
Sep 201419.76
Aug 201419.28
Jul 201419.76
Jun 201419.04
May 201418.66
Apr 201418.26
Mar 201418.71
Feb 201416.95
Jan 201416.63
Dec 201316.44
Nov 201316.43
Oct 201316.23
Sep 201316.33
Aug 201316.34
Jul 201316.36
Jun 201316.44
May 201316.31
Apr 201316.02
Mar 201316.25
Feb 201316.06
Jan 201316.25
Dec 201216.25
Nov 201216.14
Oct 201216.14
Sep 201216.29
Aug 201216.29
Jul 201216.61
Jun 201216.62
May 201218.74
Apr 201220.14
Mar 201223.06
Feb 201223.26
Jan 201223.25
Dec 201123.25
Nov 201124.03
Oct 201125.63
Sep 201125.99
Aug 201126.00
Jul 201125.99
Jun 201125.99
May 201125.98
Apr 201126.10
Mar 201126.10
Feb 201126.10
Jan 201126.09

Source: Bank of Zambia. Monthly. Gaps in the line are months with no published figure.

Change on a year earlier

Each bar is this month against the same month twelve months before — the comparison that strips out the seasonal pattern.

-10-5051020122014201620182020202220242026

IncreaseDecrease

Related analysis

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Nothing published on this indicator yet. KSJ analysis appears here as it is written.

More in Interest Rates

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Weighted Lending Base Rate13.25%0.00 ppm/m−1.25 ppy/yAug 2026Lending Margin13.91 pp−0.41 ppm/m−0.26 ppy/yAug 2026Interbank Rate13.25%0.00 ppm/m−1.25 ppy/yAug 2026

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