BANK of Zambia (BoZ) governor Christopher Mvunga says Zambia’s international gross reserves have plummeted to an unprecedented US$1.2 billion by the end of last year, representing 2.4 months of import cover, from US $1.3 billion three months prior, the lowest ever in the country’s history. And Mvunga has explained that the decision to hike the Monetary Policy Rate (MPR) by 50 basis points to 8.5 per cent will not have a significant impact on the country’s liquidity. Speaking during the MPR announcement in Lusaka, Wednesday, Mvunga disclosed that the drastic...

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