The median forecast in a poll of 17 analysts had been for the bank's Monetary Policy Committee to leave rates steady. Five analysts had expected a hike of 100 basis points and another analyst a hike of 200 bps.
The MPC said gross domestic product grew by 3.9% in the January-March quarter, bringing GDP for the first nine months of fiscal 2022/23 to 4.1%. The fiscal year ends on June 30."Real GDP growth is expected to slow down in fiscal year 2022/23 compared to the previous fiscal year, before picking up gradually over the medium term."Some analysts had believed the central bank might consider raising rates to help tame inflation, which was higher than forecast in August.in August from 36.
But core inflation, which cuts out volatile items, fell to 40.4% in August from 40.7% in July and a record 41.0% in June. "Inflation dynamics for both July and August 2023 reflect mainly the combined effect of adverse weather conditions further amplifying the seasonal increase in prices of agricultural products as well as supply chain disruptions," the MPC said.Reporting by Enas Alashray and Yomna Ehab; Editing by Chris Reese and Lisa Shumaker
Loans Loans Latest News, Loans Loans Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: ReutersAfrica - 🏆 31. / 53 Read more »