The Reserve Bank of Malawi (RBM) has announced a reduction in the policy rate to 14.5% from 16%. The bank has also reduced Liquidity Reserve ratio to 5% from 7.5%.

This comes after the federal bank reduced policy rate.

RBM governor Dalitso Kabambe announced this at a press briefing on the Monetary Policy Committee.

Kabambe said from now onwards, commercial banks will use the Lombard rate at 14.9% as the base lending rate.

The Malawi Confederation of Chambers and Commerce (MCCCI) has commended the move.

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