At its meeting today, the Monetary Policy Committee (MPC) decided to increase the policy rate by 100 basis points to 21 percent. The MPC noted that inflation in March 2023 rose further to 35.4 percent, and is expected to remain high in the near term. Read MPC Statement.
In its previous meeting held on 2nd Mar 2023, the rate was hiked by 300bps to 20%.