BoB keeps interest rates steady

After a monetary policy committee meeting yesterday, the Bank’s head of communication Andrew Sesinyi announced that the bank rate would be maintained at 7.5 percent. This means commercial banks will also keep their prime lending rates at 9.5 percent.

BoB said in a statement that the current state of the economy, domestic and external economic prospects, and the inflation outlook, suggest that the current monetary policy stance is consistent with maintaining inflation within the Bank’s objective in the medium term.