Battered by copper fall, Zambia hikes overnight lending rate to defend kwacha

By Chris Mfula LUSAKA (Reuters) - Zambia's central bank raised its overnight lending rate to 25.5 percent on Friday, a fresh effort to combat the turmoil unleashed by a collapse in the price of copper, the country's economic mainstay. By hiking the overnight rate to 25.5 percent from 17.5 percent - and putting it a full 10 percentage point above the policy rate - the central bank hopes to stem the fall in the currency and keep a lid on prices. The impact on Zambia, Africa's number two copper pro