Dear Customer,
At the first Monetary Policy Committee (MPC) meeting of 2023, the committee voted to tighten its stance further, by 100bps. The Monetary Policy Rate thus stands at 17.50% with other parameters being held constant. This hike marks the fifth consecutive increase in the MPR, following rate hikes in May (1.50%), July (1.00%), September (1.50%), and November (1.00%).
In arriving at its decision, the Committee weighed various economic developments on the global and domestic front. On a balance of factors, the Committee voted to:
- Increase the MPR by 100bps from 16.50% to 17.50%
- Retain the Cash Reserve Ratio (CRR) at 32.50%
- Retain Asymmetric corridor at +100 and -700bps around the MPR.
- Retain Liquidity ratio at 30.00%
Please click the link below to download the full report.
