Malawi's central bank kept its benchmark lending rate unchanged at 27 percent on Friday saying it would continue to monitor food inflation and economic growth in the midst of a severe drought that has ravaged its key agriculture sector.
Malawi's consumer inflation quickened to 23.5 percent year-on-year in December from 22.9 percent the previous month, the statistics office said in a statement on Friday.
At the fifth meeting of the Monetary Policy Committee (MPC) meeting held on 26th September 2013, members resolved to maintain the Bank rate at 25.0 percent to sustain the tight monetary policy stance against the backdrop of emerging risks to inflation.
Malawi’s central bank maintained its benchmark interest rate at 25 percent, a six-year high, as it maintains its fight against inflation, the monetary policy committee said.
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