It also held all other monetary policy parameters constant, as the bank stated that its interventions in the economy were yielding positive results.
“In view of the foregoing, the committee decided by a majority vote to retain the Monetary Policy Rate at 12.5 per cent and to hold all other policy parameters constant,” Emefiele said.He added, “The committee decided by a vote of eight members to hold and two members voted to reduce MPR. All members voted to retain all other policy parameters.
He said the committee was mindful of the cut in policy rate at the last MPC meeting and the need to allow time for the transmission effect to permeate the economy. Emefiele noted that after reviewing key options, the MPC noted that the imperative for monetary policy at the May 2020 meeting was to strike a balance between supporting the recovery of output growth and reducing unemployment while maintaining stable prices.
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