Monetary Policy
MPC Press Release - May 2015
Wednesday, 13 May 2015 00:00

 It was noted that credit to the private sector was steady, while the CIEA indicated a moderate pickup in economic activity. Growth prospects in the medium term are therefore positive, especially with the coming on stream of the TEN project as well as expected improvement in the macroeconomic environment. The Committee also observed that fiscal performance in the first quarter has been encouraging with the deficit as well as central bank financing well within targets. Although the emerging consolidation constitutes a downside risk to growth, the subdued demand pressures will help to dampen inflation pressures. Sustaining the first quarter performance over the medium term is critical, and together with the tight monetary policy stance will facilitate the achievement of macroeconomic stability.

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