THE Bankers Association of Zambia (BAZ) says the adjustment of interest rates on loans following the increase in the Monetary Policy Rate (MPR) will pose a challenge to individuals with fixed incomes as well as businesses. Following the Bank of Zambia’s move to increase the Monetary Policy Rate from 9 percent to 9.25 percent a fortnight ago, various banks have been sending message alerts to their customers, informing them that the development will either increase loan tenor or monthly installments. In a notice to its customers, Atlas Mara Bank said the interest rates on all loans linked to the MPR including personal loans will be adjusted upwards by 0.25 percent effective March 1, 2023. “Following this adjustment [in MPR], Atlas...