Malawi cuts interest rates on the back of lower inflation

Food prices in Malawi have started to decrease as the maize harvest recovers after drought. Photo: Stephen Morrison/Africa Practice
Photo: Stephen Morrison/Africa Practice

The Reserve Bank of Malawi cut interest rates from 27% to 24% on November 24, in an effort to contain inflation and protect reserves.

Headline inflation slowed to 20.1% in October, compared to 24.7% a year earlier. Despite the decrease, the central bank forecasts inflation to edge up in the last quarter and into 2017.

"In view of this scenario, but with a need to remain cautious, MPC decided to reduce the policy rate by three percentage points to 24%, and maintain the Liquidity Reserve

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