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Growth in domestic credit declines to 12.1%, economy to rebound in 2024 —Central Bank Gov


Bank of Zambia (BoZ) has revealed that growth in the domestic credit slowed down to 12.1 percent in March, year-on-year, from 18.7 percent in December 2022.

This follows reduced lending to government, Central Bank Governor, Danny Kalyalya said.

Read more: Bank of Zambia raises benchmark interest rate to 9.50%

Addressing journalists in Lusaka on Wednesday, Kalyalya however said over the same period, credit to the private sector continued to grow to 35.9 percent compared to 34.2 percent.

“Money supply grew further by 30.0 percent in March 2023 compared to 24.5 percent in December 2022 due to increased credit to the private sector and valuation effects relating to the United States dollar denominated credit,” Kalyalya said.

He said the economy was projected to slowdown in 2023 and rebound in 2024.

Kalyalya said this underpinned by the recovery in agriculture and mining sectors as well as sustained growth in information and communications, manufacturing, transport, and financial and insurance sectors.

However, he noted that a slowdown in global growth, tight global financial conditions, adverse weather conditions, due to climate change, and elevated energy and food prices related to the ongoing Russia-Ukraine war continue to be key downside risks to the growth outlook.

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