MPC hikes policy rate by 50bps; now 30%

The Central Bank has increased its monetary policy rate by 50 basis points to 30%.

Policy rate hikes by the Central Bank since November last year stands at a cumulative figure of 1,300 basis points (13%).

The MPC’s decision to increase the policy rate is on the back of the marginal increase in the country’s headline inflation rate from 42.2% in May to 42.5% at end-June 2023.

The BoG’s decision to hike is in line with the monetary policy tightening stance proposed by the IMF in the implementation of the ECF programme.

Given the marginal increase in the policy rate, interest rates on loans to the private sector is expected to also increase marginally with additional increments in interest on loans and as such increments in the costs of production by businesses in the country.

More details soon…

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