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Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Policy Rate and Interbank Rate (Percent) Average Lending and Deposit Rates (Percent) 30 28 27 24 24 21 18 15 Interbank Overnight Rate Policy Rate 2 Percent corridor Upper corridor 2252963o 12 Deposit Rate, Checking Overnight Interbank Rate Deposit Rate, Savings 180-day+ Lending Rate 4. Main takeaways from the Article IV - Zambia Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Bank Credit to Domestic Economy (billions of kwacha) Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 ZMW-denominated Loans Foreign Currency Loans 35 30 15 10 04220225050 о • Despite recent unwinding, monetary policy tightening contributed to sharp rise in lending rates... ⚫ ...with GRZ domestic arrears, rise in NPLs (12.1 percent of totals loans July 2017) and a plunge in the growth of credit to the private sector 20 16 12 8 4 о Jan-13 Jul-13 Jan-14 Jan-13 Bank Credit Growth (year-on-year percent change) 110 100 90 Bank Credit (Total) 80 Credit to the Private Sector 70 Credit to Central Government 60 50 40 30 20 10 0 -10 -20 -30 Jan-17 Jul-16 Jan-16 Jul-15 Jan-15 Jul-14 Jan-13 Jul-14 Jan-14 Jul-13 Jan-15 Jul-16 Jan-16 Jul-15 Jan-17

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