Monetary Policy
Press Releases
MPC Press Release - Nov. 2014
Wednesday, 12 November 2014 00:00

The latest forecast indicates that inflation would continue to remain outside the target band but expected to ease gradually towards the medium term target band of 8.0±2 percent in the first half of 2016. The ease in inflation over the policy horizon is contingent on significant fiscal consolidation and maintenance of the tight monetary policy stance. In the absence of these, the inflation target could take a longer duration in excess of twelve (12) quarters to be achieved, considering the vulnerabilities in the economy.

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MPC Press Release - Sept. 2014
Wednesday, 17 September 2014 00:00

The latest forecast showed that inflation is likely to stay slightly above the upper band of the revised target of 13±2 percent by end 2014. However, inflation is expected to move within the band in the second half of 2015 barring any adverse shocks. Given these considerations, the Committee decided to keep the monetary policy rate unchanged at 19 percent.

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MPC Press Release - July 2014
Wednesday, 09 July 2014 00:00

The global economy continued its gradual recovery process in the year, despite some moderation in the first quarter. Growth is expected to pick up bolstered by the strong policy actions including banking and financial sector reforms, and improved labour market conditions in the advanced economies.

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MPC Press Release - April 2014
Wednesday, 02 April 2014 00:00

The risks to inflation remains high. However the Committee is of the view that the impulses from the recent monetary policy hike are still working through the system, and therefore decided to maintain the policy rate at 18.0 percent.


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MPC Press Release - February 2014
Thursday, 06 February 2014 00:00

In the medium to long term, government must seek to broaden the tax base further, diversify and broaden the export base, reduce imports especially of consumption goods that have local substitutes, and intensify efforts to block foreign exchange leakages, such as transfer pricing. We are aware of efforts by Government in this direction.

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Press Releases