The Bank of Zambia published the Governor’s remarks at the launch of PwC Zambia’s 2025 Banking and Non‑Banking Industry Survey Report, recapping the Monetary Policy Committee’s decision to maintain the Monetary Policy Rate at 14.5% and highlighting supervisory priorities around cybersecurity and digital transformation. The Governor noted that inflation fell to 13.0% in July 2025 from 16.5% in March 2025 and to 12.6% by end-August, and is projected to return to the 6–8% target band in the first quarter of 2026, supported by improved maize supply, lower fuel prices and an appreciating Kwacha. While risks to the inflation outlook were assessed as tilted to the downside, the policy rate was held given inflation remains above target, expectations are still elevated, and uncertainties persist from evolving global trade policies and geopolitical tensions. On cybersecurity, the remarks pointed to rising cyber and fraud risks linked to Digital Financial Services growth, third-party interconnectedness and increased insider threats, and referenced the Bank’s 2023 Cyber and Information Risk Management Guidelines and cyber risk on-site examinations. The Bank’s 2024–2027 Strategic Plan includes strengthening cyber resilience and fraud mitigation, including establishing a Financial Cyber Incident Response Team (FinCIRT) to coordinate sector-wide responses and improve information sharing; supervisory technology enhancements are also planned to support real-time analysis and more automated supervision. Implementation of FinCIRT and supervisory technology upgrades is positioned as part of delivery of the Bank’s 2024–2027 Strategic Plan.

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