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Zambia : Financial Sector Assessment Program-Financial System Stability Assessment

Author/Editor:

International Monetary Fund. Monetary and Capital Markets Department

Publication Date:

November 17, 2017

Electronic Access:

Free Full Text (PDF file size is 936 KB).Use the free Adobe Acrobat Reader to view this PDF file

Summary:

Nonperforming loans (NPLs) have risen and private sector credit growth has turned negative, due to the severe pressures of 2015–16. The pressures included slower economic growth, sharply lower copper prices, electricity shortages, very tight monetary policy, and mounting fiscal arrears and severe fiscal funding pressures (Figure 1). These pressures have eased considerably in recent months. Monetary policy had contributed to the financial stress by very tight liquidity and use of administrative measures that shifted costs and risks to the banking system. Most of the administrative monetary measures were unwound in November 2016 and monetary policy has been considerably eased since March 2017. Recent good rainfall has eased electricity shortages and a bumper crop harvest is expected. Fiscal funding pressures have only been partly addressed.

Series:

Country Report No. 17/349

English

Publication Date:

November 17, 2017

ISBN/ISSN:

9781484328361/1934-7685

Stock No:

1ZMBEA2017003

Price:

$18.00 (Academic Rate:$18.00)

Format:

Paper

Pages:

43

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