Saturday, 7 November 2026Lusaka, Zambia
Zambia's Independent Voice on Technology, Economics & Markets
Interest Rates

Policy Rate

Bank of Zambia Monetary Policy Rate.

13.25%Sep 20260.00 ppon the month−1.25 ppon the year
12-month average13.67
Record high15.50Nov 2015
Record low8.00Aug 2020
Observations165since Jan 2013

Policy Rate, Jan 2013 to Sep 2026

681012141618201320152017201920212023202513.25

Show the numbers
MonthPolicy Rate (%)
Sep 202613.25
Aug 202613.25
Jul 202613.25
Jun 202613.25
May 202613.25
Apr 202613.50
Mar 202613.50
Feb 202613.50
Jan 202614.25
Dec 202514.25
Nov 202514.25
Oct 202514.50
Sep 202514.50
Aug 202514.50
Jul 202514.50
Jun 202514.50
May 202514.50
Apr 202514.50
Mar 202514.50
Feb 202514.50
Jan 202514.00
Dec 202414.00
Nov 202414.00
Oct 202413.50
Sep 202413.50
Aug 202413.50
Jul 202413.50
Jun 202413.50
May 202413.50
Apr 202412.50
Mar 202412.50
Feb 202412.50
Jan 202411.00
Dec 202311.00
Nov 202311.00
Oct 202310.00
Sep 202310.00
Aug 202310.00
Jul 20239.50
Jun 20239.50
May 20239.50
Apr 20239.25
Mar 20239.25
Feb 20239.25
Jan 20239.00
Dec 20229.00
Nov 20229.00
Oct 20229.00
Sep 20229.00
Aug 20229.00
Jul 20229.00
Jun 20229.00
May 20229.00
Apr 20229.00
Mar 20229.00
Feb 20229.00
Jan 20229.00
Dec 20219.00
Nov 20219.00
Oct 20218.50
Sep 20218.50
Aug 20218.50
Jul 20218.50
Jun 20218.50
May 20218.50
Apr 20218.50
Mar 20218.50
Feb 20218.50
Jan 20218.00
Dec 20208.00
Nov 20208.00
Oct 20208.00
Sep 20208.00
Aug 20208.00
Jul 20209.25
Jun 20209.25
May 20209.25
Apr 202011.50
Mar 202011.50
Feb 202011.50
Jan 202011.50
Dec 201911.50
Nov 201911.50
Oct 201910.25
Sep 201910.25
Aug 201910.25
Jul 201910.25
Jun 201910.25
May 201910.25
Apr 20199.75
Mar 20199.75
Feb 20199.75
Jan 20199.75
Dec 20189.75
Nov 20189.75
Oct 20189.75
Sep 20189.75
Aug 20189.75
Jul 20189.75
Jun 20189.75
May 20189.75
Apr 20189.75
Mar 20189.75
Feb 20189.75
Jan 201810.25
Dec 201710.25
Nov 201710.25
Oct 201711.00
Sep 201711.00
Aug 201711.00
Jul 201712.50
Jun 201712.50
May 201712.50
Apr 201714.00
Mar 201714.00
Feb 201714.00
Jan 201715.50
Dec 201615.50
Nov 201615.50
Oct 201615.50
Sep 201615.50
Aug 201615.50
Jul 201615.50
Jun 201615.50
May 201615.50
Apr 201615.50
Mar 201615.50
Feb 201615.50
Jan 201615.50
Dec 201515.50
Nov 201515.50
Oct 201512.50
Sep 201512.50
Aug 201512.50
Jul 201512.50
Jun 201512.50
May 201512.50
Apr 201512.50
Mar 201512.50
Feb 201512.50
Jan 201512.50
Dec 201412.50
Nov 201412.50
Oct 201412.00
Sep 201412.00
Aug 201412.00
Jul 201412.00
Jun 201412.00
May 201412.00
Apr 201412.00
Mar 201410.25
Feb 201410.25
Jan 20149.75
Dec 20139.75
Nov 20139.75
Oct 20139.75
Sep 20139.75
Aug 20139.75
Jul 20139.75
Jun 20139.50
May 20139.25
Apr 20139.25
Mar 20139.25
Feb 20139.25
Jan 20139.25

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.

-6-4-20242014201620182020202220242026

IncreaseDecrease

Related analysis

View all
EconomicsBank of Zambia Cuts Policy Rate to 10.75% — As KSJ Predicted30 Sept 2026EconomicsWhat Will the Bank of Zambia Do With the Policy Rate?29 Sept 2026EconomicsBank of Zambia Policy Rate Outlook: What the Models Say10 Aug 2026

More in Interest Rates

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

Get the KSJ Brief

The stories that matter in Zambian business, technology and policy, in your inbox.

Free, no spam. Unsubscribe any time. See our privacy policy.