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Zambia raise lending rate to halt inflation surge
LUSAKA, May 15 -- Zambia's central bank on Wednesday raised its key lending rate by 100 basis points to 13.5 percent in an effort to contain the inflation rate which has continued to surge up.
Denny Kalyalya, the governor of Bank of Zambia (BoZ), said the continued movement of inflation away from the target band of 6-8 percent if left unchecked was poised to undermine macroeconomic stability and efforts towards robust and sustained growth.
- Xinhua
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