The Bank Rate has been maintained at 9.5 percent, following the meeting of the Monetary Policy Committed (MPC) held on December 24, 2012. The Committee noted recent unfavourable price developments that will continue to keep inflation outside the objective range of 3 – 6 percent in the short term. However, for the medium term, the outlook for inflation remains positive, and it is expected that convergence of inflation on the objective range will resume.

• Read the MPC statement