Chanda opposes govt’s move to raise policy rate

Fourth Revolution President Erick Chanda

Fourth Revolution President Erick Chanda has described the move by the Central Bank to raise the policy rate to 15.5% from 12.5% as murderous.

Mr. Chanda says it is very clear in the minds of the Zambian people that the PF came to destroy the country’s economy once and for all.

Mr. Chanda states that the move by the Bank of Zambia to raise the policy rate to 15.5% from 12.5% in an effort to curb soaring inflation which hit double digits in October is a wrong resolution.

He tells QFM News via telephone that the move will also result in high lending rates by the banks and other financial lending institutions.

Mr. Chanda states that Zambians will prove him right later on that this move will result in more serious problems in the country.

He has since called on government to reverse this decision saying a lot of people will be affected by this as it will also result in most prices for commodities to be increased.