Monetary Policy Statements

2023 Mid-Term Monetary Policy Statement

The policy measures put in place by the Bank and Government have re-oriented the country onto the right track to macroeconomic stability. As such, the Bank is staying the course to price stability by maintaining the current tight monetary policy stance during the six months to December 2023, with fine tuning on open market operations to ensure attainment of the full benefits of monetary and fiscal consolidation to sustainably anchor inflation and exchange expectations.

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February 2023 Monetary Policy Statement

The Bank expects the domestic economic outlook to remain positive notwithstanding uncertainties around the global economic outlook. Against this backdrop, the Bank shall remain committed to staying on course of a tight monetary policy stance aligned to the inflation path to balance the need to protect price stability and the country’s growth potential.

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2022 Mid-Term Monetary Policy Statement

The Bank strongly believes that the current tight monetary policy stance complemented by the strong will by Government to putting in place measures that deal with factors that destabilise the foreign exchange market will result in exchange rate and price stability in the near and short-term.

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