The Reserve Bank of Malawi (RBM) has maintained the Policy rate at 13.5 percent.

This follows a Monetary Policy Committee meeting which the bank held on January 29 and 30, in Blantyre.

During a press conference, RBM Governor, Dalitso Kabambe, said the committee observed that although rising maize prices are likely to continue pushing up headline inflation, the situation is temporary.

This means that commercial banks are expected to maintain interest rates in the first quarter of 2020.

Kabambe said the development will help businesses make informed decisions especially that factors such as exchange rate are expected to remain stable.

RBM has forecast inflation to average 8.8 percent in 2020.

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