Monday, 9 November 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.

27.70%Sep 2026+0.41 ppon the month−0.90 ppon the year
12-month average27.98
Record high37.35Nov 2004
Record low16.02May 2013
Observations263since Nov 2004

Average Lending Rate, Nov 2004 to Sep 2026

101520253035402005200820112014201720202023202627.70

Show the numbers
MonthAverage Lending Rate (%)
Sep 202627.70
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 202528.39
Oct 202528.65
Sep 202528.60
Aug 202528.67
Jul 202528.43
Jun 202528.92
May 202529.37
Apr 202529.04
Mar 202528.71
Feb 202528.73
Jan 202529.07
Dec 202429.00
Nov 202428.34
Oct 202428.73
Sep 202428.36
Aug 202428.60
Jul 202428.56
Jun 202428.52
May 202428.12
Apr 202427.93
Mar 202427.63
Feb 202426.95
Jan 202426.66
Dec 202326.58
Nov 202326.20
Oct 202326.11
Sep 202325.85
Aug 202325.67
Jul 202325.79
Jun 202325.74
May 202325.74
Apr 202325.48
Mar 202325.48
Feb 202325.25
Jan 202325.23
Dec 202224.98
Nov 202224.71
Oct 202225.11
Sep 202225.11
Aug 202225.06
Jul 202225.15
Jun 202225.01
May 202225.25
Apr 202225.23
Mar 202225.60
Feb 202225.75
Jan 202225.74
Dec 202125.90
Nov 202125.79
Oct 202125.90
Sep 202125.92
Aug 202125.68
Jul 202124.88
Jun 202124.82
May 202126.19
Apr 202126.28
Mar 202125.97
Feb 202125.63
Jan 202125.17
Dec 202025.09
Nov 202024.87
Oct 202025.32
Sep 202025.72
Aug 202026.25
Jul 202025.83
Jun 202026.38
May 202027.94
Apr 202028.23
Mar 202028.75
Feb 202028.35
Jan 202028.23
Dec 201928.02
Nov 201927.21
Oct 201926.65
Sep 201926.12
Aug 201925.84
Jul 201925.32
Jun 201925.37
May 201924.91
Apr 201924.58
Mar 201924.59
Feb 201924.61
Jan 201924.03
Dec 201823.56
Nov 201823.97
Oct 201824.38
Sep 201822.98
Aug 201823.46
Jul 201823.70
Jun 201824.13
May 201823.91
Apr 201824.08
Mar 201824.11
Feb 201824.27
Jan 201824.52
Dec 201724.57
Nov 201725.53
Oct 201725.41
Sep 201725.41
Aug 201726.56
Jul 201726.38
Jun 201726.78
May 201728.20
Apr 201728.19
Mar 201728.76
Feb 201728.94
Jan 201729.24
Dec 201629.46
Nov 201629.38
Oct 201628.68
Sep 201628.92
Aug 201628.79
Jul 201628.98
Jun 201628.59
May 201628.00
Apr 201627.54
Mar 201626.47
Feb 201626.01
Jan 201625.83
Dec 201523.32
Nov 201523.57
Oct 201520.78
Sep 201520.78
Aug 201520.73
Jul 201520.73
Jun 201520.40
May 201520.51
Apr 201520.46
Mar 201520.41
Feb 201520.39
Jan 201520.52
Dec 201420.45
Nov 201420.51
Oct 201419.76
Sep 201419.28
Aug 201419.76
Jul 201419.04
Jun 201418.66
May 201418.26
Apr 201418.71
Mar 201416.95
Feb 201416.63
Jan 201416.44
Dec 201316.43
Nov 201316.23
Oct 201316.33
Sep 201316.34
Aug 201316.36
Jul 201316.44
Jun 201316.31
May 201316.02
Apr 201316.25
Mar 201316.06
Feb 201316.25
Jan 201316.25
Dec 201216.14
Nov 201216.14
Oct 201216.29
Sep 201216.29
Aug 201216.61
Jul 201216.62
Jun 201218.74
May 201220.15
Apr 201223.05
Mar 201223.25
Feb 201223.25
Jan 201223.25
Dec 201124.03
Nov 201125.63
Oct 201125.99
Sep 201126.00
Aug 201125.99
Jul 201125.99
Jun 201125.98
May 201126.10
Apr 201126.10
Mar 201126.10
Feb 201126.09
Jan 201126.16
Dec 201026.35
Nov 201026.60
Oct 201026.62
Sep 201026.82
Aug 201027.10
Jul 201027.62
Jun 201028.00
May 201028.20
Apr 201028.04
Mar 201029.12
Feb 201029.14
Jan 201029.17
Dec 200929.21
Nov 200929.58
Oct 200929.61
Sep 200929.61
Aug 200929.49
Jul 200928.92
Jun 200928.94
May 200927.82
Apr 200927.05
Mar 200927.00
Feb 200926.95
Jan 200926.96
Dec 200826.95
Nov 200826.72
Oct 200826.72
Sep 200825.75
Aug 200824.72
Jul 200824.72
Jun 200824.56
May 200824.35
Apr 200824.34
Mar 200824.31
Feb 200824.43
Jan 200824.47
Dec 200724.40
Nov 200724.34
Oct 200724.33
Sep 200724.34
Aug 200724.35
Jul 200724.34
Jun 200724.32
May 200724.34
Apr 200724.34
Mar 200726.39
Feb 200727.32
Jan 200727.30
Dec 200627.88
Nov 200627.78
Oct 200627.83
Sep 200627.83
Aug 200627.90
Jul 200627.90
Jun 200627.82
May 200629.03
Apr 200631.35
Mar 200631.64
Feb 200632.70
Jan 200633.00
Dec 200533.86
Nov 200534.50
Oct 200534.50
Sep 200534.94
Aug 200535.28
Jul 200535.17
Jun 200535.60
May 200535.05
Apr 200535.14
Mar 200535.36
Feb 200535.90
Jan 200535.25
Dec 200437.06
Nov 200437.35

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.

-10-505102006200920122015201820212024

IncreaseDecrease

Related analysis

View all

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

More in Interest Rates

View all
Policy Rate13.25%0.00 ppm/m−1.25 ppy/ySep 2026Weighted Lending Base Rate13.25%0.00 ppm/m−1.25 ppy/ySep 2026Lending Margin14.45 pp+0.41 ppm/m+0.35 ppy/ySep 2026Interbank Rate13.25%0.00 ppm/m−1.25 ppy/ySep 2026

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