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This Monetary Policy Statement (the Statement) comes at a time when Government has ably shown steadfast commitment to sustaining the economic reform momentum. Despite the difficulties caused by the Covid19 pandemic, the economy is on the rebound.
Improved production and productivity will be key in sustaining the macroeconomic trajectory of growing the economy by 7.4% in 2021 and above 5% thereafter as envisaged in the NDS1. In this regard, the Bank affirms its commitment to continue ensuring a hawkish monetary policy stance, as well as sound financial conditions through its conservative monetary targeting framework.
This Monetary Policy Statement outlines the monetary policy stance being pursued by the Bank in the second half of 2020.
The measures and policies discussed in the statement are aimed at accomplishing the Bank’s 2020 key strategic focus areas of ensuring exchange rate and price stability, the smooth functioning of the interbank foreign exchange market and providing support to economic activity without endangering the important objective of reducing and stabilising inflation in the short to medium term.
