Nov 22, 2017 Last Updated 1:22 PM, Nov 22, 2017

RBM Maintains Policy Rate

RBM headquarters in Lilongwe RBM headquarters in Lilongwe Image sourced at rbm.mw
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The Reserve Bank of Malawi (RBM) has resolved to maintain the policy rate at eighteen percent.

This is the rate that is used by the central bank to implement or signal its monetary policy stance.

The monetary policy committee met last month to make a decision on the matter, following a similar meeting held in June this year.

The June meeting recommended a slash in the base rate from 22 percent to 18 percent, thereby pushing commercial banks to reduce their interest rates.

RBM Governor Dalitso Kabambe, who is also Chairman of the monetary policy committee, said the decision to maintain the policy rate will help, consolidate economic gains and help maintain the single digit inflation rate.

According to NSO, the current inflation rate indicates a decline of 0.9 percent from the month of July, 2017.

The urban and rural rates stand at 8.9 percent and 9.8 percent respectively. Overall, food inflation stands at 6.2 percent from 7.4 percent in July 2017 while non-food inflation stands at 12.2 percent from 12.7 percent in July 2017.

This year, Malawi produced more than 30 percent surplus in maize owing to good climatic conditions after two successive years of low output due to drought and floods.

NSO figures released show that August inflation rate has eased by 0.9 percentage points from July’s 10.2 percent.

During the same period last year, inflation was at 22.8 percent, and this shows that prices of goods and services have increased at a much more reduced rate.

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