In its two-day policy meeting concluded on Friday, 17th September 2021, The Monetary Policy Committee voted to retain all policy parameters at current levels. This decision is in consonance with the outcome of the prior meeting held in July 2021. In arriving at its decision, the committee considered the improvement in output growth (5.01%YoY in Q2:2021) driven by the non-oil sector (services and agricultural sub-sectors). The committee also noted the moderate improvement in the manufacturing (46.9pts) and non-manufacturing (44.8pts) PMI, though still below the 50-pts benchmark. The improvement is attributable to improved business orders, rising demand, uptrend in business activities and further normalization of economic activities.
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