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The Bank strongly believes that the current tight monetary policy stance complemented by the strong will by Government to putting in place measures that deal with factors that destabilise the foreign exchange market will result in exchange rate and price stability in the near and short-term.
The conservative monetary targeting framework currently being pursued by the Bank has seen quarterly growth in reserve money being successfully contained within desired targets throughout 2021.
This Monetary Policy Statement (the Statement) comes at a time when Government has ably shown steadfast commitment to sustaining the economic reform momentum. Despite the difficulties caused by the Covid19 pandemic, the economy is on the rebound.
Improved production and productivity will be key in sustaining the macroeconomic trajectory of growing the economy by 7.4% in 2021 and above 5% thereafter as envisaged in the NDS1. In this regard, the Bank affirms its commitment to continue ensuring a hawkish monetary policy stance, as well as sound financial conditions through its conservative monetary targeting framework.
