Monday, 9 November 2026Lusaka, Zambia
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Interest Rates

Lending Margin

Average margin banks add on top of the base rate.

14.45 ppSep 2026+0.41 ppon the month+0.35 ppon the year
12-month average14.28
Record high17.78Apr 2021
Record low6.09Apr 2007
Observations263since Nov 2004

Lending Margin, Nov 2004 to Sep 2026

51015202005200820112014201720202023202614.45

Show the numbers
MonthLending Margin (pp)
Sep 202614.45
Aug 202614.04
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 202514.15
Sep 202514.10
Aug 202514.17
Jul 202513.93
Jun 202514.42
May 202514.87
Apr 202514.54
Mar 202514.21
Feb 202514.40
Jan 202515.07
Dec 202415.12
Nov 202414.54
Oct 202415.23
Sep 202414.86
Aug 202415.10
Jul 202415.06
Jun 202415.02
May 202415.02
Apr 202415.43
Mar 202415.14
Feb 202415.20
Jan 202415.66
Dec 202315.58
Nov 202315.95
Oct 202316.11
Sep 202315.85
Aug 202316.04
Jul 202316.29
Jun 202316.24
May 202316.49
Apr 202316.23
Mar 202316.23
Feb 202316.12
Jan 202316.23
Dec 202215.98
Nov 202215.71
Oct 202216.11
Sep 202216.11
Aug 202216.06
Jul 202216.15
Jun 202216.01
May 202216.25
Apr 202216.23
Mar 202216.60
Feb 202216.75
Jan 202216.74
Dec 202116.90
Nov 202117.17
Oct 202117.40
Sep 202117.42
Aug 202117.18
Jul 202116.38
Jun 202116.32
May 202117.69
Apr 202117.78
Mar 202117.47
Feb 202117.38
Jan 202117.17
Dec 202017.09
Nov 202016.87
Oct 202017.32
Sep 202017.72
Aug 202017.63
Jul 202016.58
Jun 202017.13
May 202017.00
Apr 202016.73
Mar 202017.25
Feb 202016.85
Jan 202016.73
Dec 201916.52
Nov 201916.71
Oct 201916.40
Sep 201915.87
Aug 201915.59
Jul 201915.07
Jun 201915.12
May 201915.06
Apr 201914.83
Mar 201914.84
Feb 201914.86
Jan 201914.28
Dec 201813.81
Nov 201814.22
Oct 201814.63
Sep 201813.23
Aug 201813.71
Jul 201813.95
Jun 201814.38
May 201814.16
Apr 201814.33
Mar 201814.36
Feb 201814.15
Jan 201814.27
Dec 201714.32
Nov 201714.53
Oct 201714.41
Sep 201714.41
Aug 201713.01
Jul 201712.87
Jun 201714.28
May 201714.57
Apr 201714.19
Mar 201714.76
Feb 201713.81
Jan 201713.74
Dec 201613.96
Nov 201613.88
Oct 201613.18
Sep 201613.42
Aug 201613.29
Jul 201613.36
Jun 201613.09
May 201612.50
Apr 201611.44
Mar 201610.97
Feb 201610.51
Jan 201610.33
Dec 20157.82
Nov 20158.07
Oct 20158.28
Sep 20158.28
Aug 20158.23
Jul 20158.23
Jun 20157.90
May 20158.01
Apr 20157.96
Mar 20157.91
Feb 20157.89
Jan 20158.02
Dec 20147.95
Nov 20148.01
Oct 20147.76
Sep 20147.28
Aug 20147.76
Jul 20147.04
Jun 20146.66
May 20146.26
Apr 20146.71
Mar 20146.70
Feb 20146.75
Jan 20146.69
Dec 20136.68
Nov 20136.48
Oct 20136.58
Sep 20136.59
Aug 20136.61
Jul 20136.69
Jun 20136.81
May 20136.77
Apr 20137.00
Mar 20136.81
Feb 20137.00
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
Dec 20107.00
Nov 20107.00
Oct 20107.00
Sep 20107.00
Aug 20107.00
Jul 20107.00
Jun 20107.00
May 20106.88
Apr 20106.50
Mar 20106.50
Feb 20106.50
Jan 20106.50
Dec 20096.50
Nov 20096.50
Oct 20096.50
Sep 20096.50
Aug 20096.50
Jul 20096.50
Jun 20096.50
May 20096.26
Apr 20096.10
Mar 20096.10
Feb 20096.10
Jan 20096.10
Dec 20086.10
Nov 20086.10
Oct 20086.10
Sep 20086.10
Aug 20086.10
Jul 20086.10
Jun 20086.10
May 20086.10
Apr 20086.10
Mar 20086.10
Feb 20086.10
Jan 20086.10
Dec 20076.10
Nov 20076.10
Oct 20076.10
Sep 20076.10
Aug 20076.10
Jul 20076.09
Jun 20076.10
May 20076.09
Apr 20076.09
Mar 20076.13
Feb 20076.30
Jan 20076.28
Dec 20066.24
Nov 20066.20
Oct 20066.20
Sep 20066.20
Aug 20066.20
Jul 20066.20
Jun 20066.20
May 20066.20
Apr 20066.20
Mar 20066.28
Feb 20066.30
Jan 20066.30
Dec 20056.30
Nov 20056.30
Oct 20056.30
Sep 20056.72
Aug 20056.99
Jul 20056.99
Jun 20057.00
May 20057.00
Apr 20057.14
Mar 20057.30
Feb 20057.30
Jan 20057.30
Dec 20047.30
Nov 20047.40

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.

-2024682006200920122015201820212024

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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Policy Rate13.25%0.00 ppm/m−1.25 ppy/ySep 2026Weighted Lending Base Rate13.25%0.00 ppm/m−1.25 ppy/ySep 2026Average Lending Rate27.70%+0.41 ppm/m−0.90 ppy/ySep 2026Interbank Rate13.25%0.00 ppm/m−1.25 ppy/ySep 2026

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