Interest rates unchanged

| Monday September 29, 2014 09:17

 

In a statement released after a Monetary Policy Committee (MPC) meeting, the central bank announced on Friday that the bank rate would be maintained at 7.5 percent.

The bank said the current state of the economy, domestic and external economic prospects as well as the inflation outlook suggest that the current policy stance is consistent with maintaining inflation within the Bank’s objective in the medium term.

In an effort to promote credit growth, the central bank cut the bank rate by two percentage points last year. Credit growth is deemed to be supportive of economic activity, with household debt assessed to be at sustainable levels and posing no threat to financial stability, said the statement.