In a quixotic attempt to tame inflation, the Bank of Zambia’s unwavering determination to increase interest rates is truly astonishing. On February 14, 2024, in the name of taming inflation in the target range of 6-8 percent, the Monetary Policy Committee (MPC) of the Bank of Zambia raised the Policy Rate to 12.5 percent from 11.5 percent. This was the fifth policy rate increment in the last twelve months. Broadly, interest rates have been rising in line with the upward adjustment in the Monetary Policy Rate. On February 2, 2024, in the name of steering inflation back in the target range of 6-8 percent, the Monetary Policy Committee (MPC) of the Bank of Zambia raised statutory reserve ratio to 26.0...