Gayton McKenzie accused of not understanding fashion industry after his meeting with Shein
Fashion designer David Tlale said he doesn’t think Gayton McKenzie understands the complexities of the clothing and textile industry.
Economists polled by Reuters had predicted a 50-basis-point cut to 14.0%.
The Bank of Zambia held its policy rate at its last meeting in May in an attempt to steer inflation towards its 6%-8% target range.
Annual inflation fell to 13.0% in July, down from 14.1% the previous month, still well above the target band.
The copper-rich Southern African country has been trying to get its public finances back on track by restructuring its debt, although the process has taken far longer than intended.
The government hopes growth will pick up this year and next as the economy recovers from a severe regional drought.
(Reporting by Chris Mfula; Additional reporting by Sfundo Parakozov and Anathi Madubela; Editing by Alexander Winning).
