According to a recent statement released by the Monetary Policy Committee (MPC), annual inflation rate declined from 837.5% in July 2020 to 240% in March 2021 while monthly inflation fell from a peak of 35.53% in July 2020 to 2.26% in March 2021. The MPC affirmed its commitment to implementation of sound monetary policies in order to sustain the current disinflation trajectory and ensuring a conducive macroeconomic environment for investment and growth. Among the resolutions made to achieve the aforementioned goals is the maintenance of current conservative monetary targeting framework (targeting 22.5% quarterly reserve money). The MPC is also maintaining Bank Policy Rate and Mediumterm Bank Accommodation Facility rate at 40% and 30% respectively.
