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

Lending Margin

Average margin banks add on top of the base rate.

13.91 ppAug 2026−0.41 ppon the month−0.26 ppon the year
12-month average14.24
Record high17.77Mar 2021
Record low6.26Apr 2014
Observations187since Jan 2011

Lending Margin, Jan 2011 to Aug 2026

51015202011201320152017201920212023202513.91

Show the numbers
MonthLending Margin (pp)
Aug 202613.91
Jul 202614.32
Jun 202614.28
May 202614.48
Apr 202614.51
Mar 202615.11
Feb 202614.52
Jan 202613.77
Dec 202513.75
Nov 202514.02
Oct 202514.16
Sep 202514.10
Aug 202514.17
Jul 202513.93
Jun 202514.42
May 202514.86
Apr 202514.54
Mar 202514.21
Jan 202514.40
Dec 202415.08
Nov 202415.12
Oct 202414.53
Sep 202415.23
Aug 202414.86
Jul 202415.10
Jun 202415.07
May 202415.02
Apr 202415.02
Mar 202415.44
Feb 202415.15
Jan 202415.20
Dec 202315.66
Nov 202315.58
Oct 202315.95
Sep 202316.12
Aug 202315.85
Jul 202316.04
Jun 202316.29
May 202316.24
Apr 202316.49
Mar 202316.23
Feb 202316.23
Jan 202316.12
Dec 202216.23
Nov 202215.98
Oct 202215.71
Sep 202216.11
Aug 202216.11
Jul 202216.06
Jun 202216.15
May 202216.01
Apr 202216.25
Mar 202216.23
Feb 202216.60
Jan 202216.75
Dec 202116.74
Nov 202116.91
Oct 202117.17
Sep 202117.40
Aug 202117.42
Jul 202117.18
Jun 202116.38
May 202116.32
Apr 202117.70
Mar 202117.77
Feb 202117.48
Jan 202117.38
Dec 202017.17
Nov 202017.09
Oct 202016.87
Sep 202017.32
Aug 202017.72
Jul 202017.63
Jun 202016.58
May 202017.13
Apr 202017.00
Mar 202016.72
Feb 202017.25
Jan 202016.85
Dec 201916.73
Nov 201916.52
Oct 201916.71
Sep 201916.40
Aug 201915.87
Jul 201915.59
Jun 201915.07
May 201915.12
Apr 201915.06
Mar 201914.84
Feb 201914.84
Jan 201914.86
Dec 201814.28
Nov 201813.81
Oct 201814.22
Sep 201814.63
Aug 201813.24
Jul 201813.71
Jun 201813.95
May 201814.38
Apr 201814.16
Mar 201814.34
Feb 201814.36
Jan 201814.15
Dec 201714.27
Nov 201714.32
Oct 201714.53
Sep 201714.41
Aug 201714.41
Jul 201713.01
Jun 201712.87
May 201714.28
Apr 201714.57
Mar 201714.19
Feb 201714.76
Jan 201713.82
Dec 201613.74
Nov 201613.96
Oct 201613.88
Sep 201613.18
Aug 201613.42
Jul 201613.29
Jun 201613.36
May 201613.09
Apr 201612.50
Mar 201611.44
Feb 201610.97
Jan 201610.51
Dec 201510.33
Nov 20157.82
Oct 20158.07
Sep 20158.28
Aug 20158.28
Jul 20158.23
Jun 20158.23
May 20157.90
Apr 20158.01
Mar 20157.97
Feb 20157.91
Jan 20157.89
Dec 20148.02
Nov 20147.96
Oct 20148.01
Sep 20147.76
Aug 20147.28
Jul 20147.76
Jun 20147.04
May 20146.66
Apr 20146.26
Mar 20146.71
Feb 20146.70
Jan 20146.75
Dec 20136.69
Nov 20136.68
Oct 20136.48
Sep 20136.58
Aug 20136.59
Jul 20136.61
Jun 20136.69
May 20136.81
Apr 20136.77
Mar 20137.00
Feb 20136.81
Jan 20137.00
Dec 20127.00
Nov 20127.00
Oct 20127.00
Sep 20127.00
Aug 20127.00
Jul 20127.00
Jun 20127.00
May 20127.00
Apr 20127.00
Mar 20127.00
Feb 20127.00
Jan 20127.00
Dec 20117.00
Nov 20117.00
Oct 20117.00
Sep 20117.00
Aug 20117.00
Jul 20117.00
Jun 20117.00
May 20117.00
Apr 20117.00
Mar 20117.00
Feb 20117.00
Jan 20117.00

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.

-20246820122014201620182020202220242026

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 2026Average Lending Rate27.29%−0.28 ppm/m−1.38 ppy/yAug 2026Interbank Rate13.25%0.00 ppm/m−1.25 ppy/yAug 2026

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