May 20, 2020 / 1:09 PM / 17 days ago

Zambia cuts lending rate by 225 basis points to 9.25%

LUSAKA, May 20 (Reuters) - Zambia’s central bank on Wednesday cut its benchmark lending rate by 225 basis points to 9.25%, in response to economic turmoil brought about by the COVID-19 pandemic.

The bank projected gross domestic product (GDP) would shrink by 2.6% in 2020, the country’s first economic contraction in more than 20 years. (Reporting by Chris Mfula; Writing by Olivia Kumwenda-Mtambo; editing by John Stonestreet)

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