Botswana hikes newly introduced policy rate

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The Bank of Botswana’s monetary policy committee increased its newly introduced policy rate by 51 basis points on April 28, in the face of double-digit inflation.

The decision marks the first time the central bank has used its new monetary policy rate, which it first announced in late February. It raised the rate from 1.14% to 1.65%.

The central bank also introduced an interest rate corridor. The standing deposit rate is 1% below the policy rate and the standing credit rate is 1% above.

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