Bank of Zambia MONETARY POLICY FRAMEWORK AND IMPLEMENTATION IN ZAMBIA
نویسندگان
چکیده
This paper reviews the monetary policy framework and implementation in Zambia since 1992. The paper argues that the thrust and orientation of monetary policy after 1992 has been towards market-based instruments of monetary control. In the process, it has been possible to reduce inflation from three-digit figures to an average of about 23 per cent over the past three years. However, formidable challenges, in terms of reducing inflation further and establishing a stable and sustainable macroeconomic environment, still lie ahead.
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