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This research study posits that uncertainty surrounding the future direction of monetary policy is a critical determinant of volatility in government securities. In particular, it emphasizes that fluctuations in the policy rate often used as the primary instrument of monetary authorities play a...

Monetary policy, including high-interest rates and tight credit conditions, significantly constrains financing for hardware store SMEs in Kabwata, leading to high financing costs and limited growth, while poor record-keeping and lack of collateral further exacerbate credit access challenges....

The effectiveness of monetary policy in Zambia is undermined by foreign exchange (FX) market inefficiencies, including lack of transparency, fragmented monitoring mechanisms, and limited regulatory enforcement. These shortcomings contribute to inflation volatility and weaken the capacity of the...

This study investigates the relationship between macroeconomic indicators and the NonPerforming Loan (NPL) Ratio in Zambia over a two-decade period (2003–2022/23). The research was motivated by the persistent challenge of high NPLs in Zambia’s banking sector, which undermines financial stability,...

The implementation of the Treasury Single Account (TSA) in Zambia brought about drastic changes in the management of public funds. The Bank of Zambia assumed custodianship of public funds while Commercial Banks remain revenue collection agents throughout the country. This study investigated the...

The manufacturing sector is key to the industrialization agenda in Zambia, which is driven by the private sector. The small and medium enterprises constitute a bigger proportion of the private sector and are regarded as the backbone of economic growth in the country. This study investigated the...

The major objective of the thesis was to examine the exchange rate pass through to domestic prices in Zambia. The first specific objective examined the exchange rate pass through to consumer prices using the SVAR. Results have shown from that exchange rate passthrough is incomplete and...

Money supply is one of the key variable any monetary policy framework aims at influencing. Central banks all over the world have several instruments at their disposal to control the supply of money in their economies and one such instrument is the monetary policy rate. This study provides an...

The study investigates how a CBDC payment system could enhance Zambia’s financial system efficiency and strengthen national defense against money laundering (AML) and counter‑terrorism financing (CFT). Methodology: Uses time‑series monthly data over eleven years. Applies unit root tests,...

The study investigated the impact of decomposed oil price shocks on Zambia’s real aggregate output, its components, and financial markets. A Structural Vector Autoregressive Model was used for short-run analysis and Vector Error Correction Model for long-run analysis. The findings reveal that...