The Monetary Policy Committee has announced the minimum requirements for banks. The requirements were made when the committee met on 17 January 2020 during which it also deliberated on other issues including the recent inflation and exchange rate developments and outlook, further developments on implementation of the Reuters electronic trading platform for the foreign exchange interbank market, measures to maintain stability of the local currency and the banking sector and interest rate management.
The MPC was pleased with the recent inflation which it said would see the year-on-year inflation coming down to about 50 percent by December 2020.
The Committee also observed that the exchange rate had stabilised due to a number of variables including adherence to monetary targeting, coupled with improved confidence in the use of the local currency and enhanced foreign currency inflows.
The MPC also resolved to maintain the Bank Policy Rate on Overnight Accommodation at 35 percent.
Read the MPC Communique 22 January 2020 for more.