Monetary Policy
MPC Press Release - April 2012

The Committee was of the view that the upside risks to inflation outweigh the downside risks to growth and therefore decided on the following measures:

  • Increase the policy rate by 100 basis points to 14.5 per cent.
  • Reduce the single currency Net Open Position (NOP) of banks from 15 per cent to 10 per cent and the aggregate NOP from 30 per cent to 20 per cent.  This is intended to improve the supply of foreign exchange by banks to the market.

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