The Bank Rate has been maintained at 9.5 percent, following the meeting of the Monetary Policy Committee (MPC) held on February 12, 2013. 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, the outlook for inflation remains positive, and, given current assumptions on both the domestic and external economic outlook, maintaining the prevailing level of interest rates is consistent with the achievement of the Bank’s 3 – 6 percent inflation objective in the medium term.

• Read the MPC statement