Zambia Exchange Rate (ZMW per USD, aop)

Inflation declined to 9.4% in January (December: 9.9%). Meanwhile, on 14 February, the Central Bank raised the key rate to 9.25% from 9.00%. The Bank noted that inflation had receded in recent months but that it expected price pressures to jump up in the coming months on a weaker kwacha. Panelists see inflation averaging above the Bank’s 6.0–8.0% target range in 2023.