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Appendix 3

INTEREST RATE SCHEDULE

Date: April 1987 (decontrolled rates)

BankTime depositsLending ratesSavings deposits
Min.Max.Min.Max.
Meridien12.016.523.525.011.0
Standard Chartered Bank11.025.0up to25.011.0
Indo-Zambia11.514.524.025.011.0
Zambia National Commercial Bank11.514.021.025.011.5
Bank of Credit and Commerce14.016.016.517.521.0
Barclays Bank10.013.021.025.011.0
Grindlays Bank Internationalup to15.023.525.011.0
Citibank7.013.0up to25.0-
African Commercial Bank12.016.022.025.09.0–12.0

Date: May 1987 (controlled rates for all commercial banks listed above)

= Max. lending rate: Normal = 15%

Exceptional (i.e., by permission from the Central Bank): 20%

YearNominal rates
(overdrafts:min.)
Times Series
Variations in the consumer price index
Real rates
%%%
19809.5+11.7-2.2
19818.0+13.4-5.4
19829.5+12.6-3.1
198313.0+19.6-6.6
198414.5+19.6-5.4
198517.5+38.0-20.5
198625.0+51.6-28.1

Sources: Research Department, BOZ, Central Statistical Office


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