The Monetary Policy Committee (MPC) has voted to hike the Monetary Policy Rate (MPR) further by another 100bp to 17.5%. The decision to raise the policy rate was unanimous. Of the twelve members in attendance, seven members voted for a 100bp hike, four members voted for a 50bp hike, and one member voted for a 150bp hike. Cumulatively, the committee has increased the policy rate by 600bp since May 2022.
Policy parameters are now as follows;
