Zambia's central bank on Friday left its benchmark lending rate unchanged at 9.75 percent for the eighth straight month, saying it expected its relatively tight policy stance to have a moderating impact on inflation.
Fitch Ratings has downgraded Zambia's Long-term foreign and local currency Issuer Default Ratings (IDRs) to 'B' from 'B+'. Its foreign currency senior unsecured bond ratings have also been downgraded to 'B' from 'B+'. The Outlook is Stable.
Standard & Poor's Ratings Services revised its outlook on Zambia to negative from stable , on fiscal policy shift and expected weaker external position.
At its September 2013 meeting, the Monetary Policy Committee decided to maintain the Bank of Zambia Policy Rate at 9.75% for October 2013.
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