Malawi cuts interest rates on the back of lower inflation

Central bank cuts interest rates by three percentage points to contain 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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