Dear All,
The Monetary Policy Committee (MPC) concluded its two-day policy meeting on the 27th of September 2022 where it raised the Monetary Policy Rate (MPR) by 150bps to 15.50% from 14.00%. Additionally, the Committee voted to raise the Cash Reserve Requirement (CRR) to 32.50% (from 27.50%), while other parameters were unanimously voted to be held constant. We note that all members of the Committee voted in favor of a rate hike: 10 members voted 150bps, 1 member voted 100bps and another member voted 50bps.
Kindly find attached the full report.
