Monetary Policy Committee To Keep Repo Rate At 3.50 Percent

Home*Cover Story*News

Monetary Policy Committee To Keep Repo Rate At 3.50 Percent

The Monetary Policy Committee agrees to hold the repo rate at its current level of 3.50 per cent.

The Repo rate is the rate at which the central bank of a country lends money to commercial banks in the event of any shortfall of funds.

It is used by monetary authorities to control inflation.

The Committee was influenced in reaching the decision by what it described as the buoyancy in private sector credit, alongside the sustained deceleration in inflation.

It explains these factors were helping to foster a steady revival of economic activity without demand pressures at this time.

Taking all factors into consideration, the MPC agreed to set the repo rate at 3.50 percent.

The Central Bank says it will continue to carefully monitor and analyse international and domestic developments and will take further actions as necessary.