Zambia’s central bank has decided to introduce a benchmark interest rate from the beginning of April to replace its money-supply targeting.

Zambian opposition leader Michael Sata was declared the winner of Zambia’s presidential election early on Friday.

Zambians voted on Tuesday in a closely contested election between incumbent Rupiah Banda and opposition leader Michael Sata.

Zambia’s central bank has appointed South Africa’s FirstRand to run a key commercial bank facing collapse due to poor management.

Zambia is likely to register economic growth exceeding 7% in 2010, spurred by a resurgence in mining and a boom in construction and agriculture.