Fuel prices, electricity tariffs need to be increased to avert future challenges – BoZ

BANK of Zambia governor Dr Denny Kalyalya says there is need to have an administrative adjustment in fuel pump prices and electricity tariffs to avert future challenges in the sectors. And Dr Kalyalya says the Bank of Zambia has raised the Monetary Policy Rate by 50 basis points from 8.50 to 9.0. Meanwhile Dr Kalyalya says Zambia’s gross international reserves currently stood at US $2.9 billion equivalent to 4.9 months of import cover as at the end September 2021. Speaking during a briefing, Wednesday, Dr Kalyalya said a necessary adjustment would enable favourable prices of fuel and electricity tariffs in the future. “In all settings, there are risks, if we don’t do certain things it means that those benefits we…...