Zambia central bank keeps main interest rate at 14.50%

LUSAKA (Reuters) -Zambia’s central bank kept its benchmark lending rate unchanged at 14.50% in a decision announced on Friday.

The Bank of Zambia had raised its Monetary Policy Rate by 50 basis points each at its last meetings in February and November, to tame consumer inflation, which sits well above the bank’s 6%-8% target range.

The country’s annual inflation rate was at 16.5% in April, unchanged from the previous month.

(Reporting by Chris Mfula;Writing by Bhargav AcharyaEditing by Bate Felix)