RBM maintains policy rate at 12 percent

Date:

The Reserve Bank of Malawi (RBM) Monetary Policy Committee has maintained the policy rate at 12 percent.

According to a statement from the committee, the decision has been necessitated by the stability of inflation rate in 2020.

The policy rate was dropped early November last year with 150 basis points from 13.5 percent.

After the drop, banks dropped reference rate (a benchmark for other rates such as interest rate) twice which now stands at 12.1 percent.

The maintained policy rate is expected to continue easing the cost of borrowing.

Policy rate is the rate at which commercial banks borrow from the central bank.

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Robert Ngwira
Attended Our Future Private Secondary School in Rumphi from 2006-2009 Holder of Diploma in Journalism from Malawi Institute of Journalism (MIJ) Hobbies, reading newspapers, going out with friends, listening to radio and watching football. Email: info@faceofmalawi.com

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