By Chisomo Phiri
In a move aimed at sustaining economic stability, the Monetary Policy Committee (MPC) of the Reserve Bank of Malawi (RBM) has maintained the policy rate at 26 percent.
This was announced in a statement from the MPC’s third meeting of 2024, published by the Central Bank on Thursday afternoon.
According to the statement, the MPC noted that the current monetary policy stance has stabilized non-food inflation and sufficiently contained the spill-over effects of food inflation on non-food inflation.
“The Committee further noted that maintaining the current policy stance will help contain inflationary pressures and ensure that inflation declines towards the medium-term objective of 5 percent,” the statement reads in part.
The policy rate is the interest rate at which commercial banks borrow money from the central bank.
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