Zambia’ gross international reserves have declined to 1.45 billion dollars, equivalent to 2.1 months import cover at end of December 2019, from 1.48 billion dollars in September, 2019.

And Bank of Zambia has called for effective implementation of fiscal measures to achieve economic stability.

Bank of Zambia Governor Denny Kalyalya says the balance between the monetary policy and fiscal policy is key to achieving economic stability.

Dr. Kalyalya was speaking after he announced that the Monetary Policy Committee has decided to maintain the policy rate at 11.5 percent.

He adds that interest rates remained high and economic activity reduced in the last quarter of 2019.