Malawi minutes explain rate rise

reserve-bank-malawi

The Reserve Bank of Malawi's monetary policy committee has increased its benchmark interest rate by 400 basis points to 25%, to combat the rapid depreciation of its currency, the kwacha, and soaring inflation.

Inflation rose to 30.6% in October, up from 28.3% in September and from 9.8% at the beginning of 2012. The committee said food price increases were responsible for more than three quarters of the increase, in minutes from their December 3 meetings.

In addition, the central bank's foreign

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