THE Bank of Zambia (BOZ) has raised its Monetary Policy Rate by 50 basis points to 14.0 per cent, attributing the increase to actual and projected inflation, which remains above the 6-8 per cent target band. BOZ Governor Denny Kalyalya has lamented that some individuals hold on to money when the Central Bank puts it into circulation. Meanwhile, BOZ Deputy Governor – Operations, Francis Chipimo, has strongly discouraged the use of money bouquets, saying the Central Bank procures the currency at a very high price. Speaking during the MPR briefing, Wednesday, Dr Kalyalya explained that the decision to raise the policy rate was aimed at steering inflation back towards the target band and anchoring inflation expectations. “At its November 11-12,...