At its 290th meeting which ended on 21st March 2023, the Monetary Policy Committee (MPC) sustained its tightened stance by raising the Monetary Policy Rate (MPR) by 50bps to 18.00% from 17.50% while holding other parameters constant, in alignment with our expectation as mentioned in the February 2023 inflation report. The majority of the Committee favored a rate hike although at different magnitudes: 10 members voted 50bps, 1 member voted 25bps, while 1 member voted to hold the MPR.
Kindly find attached the full report.
