The Monetary Policy Committee finished its meeting today and agreed to retain MPR at 12%. However, Private sector CRR was increased to 15% whilst Public Sector CRR remained still at 75%. Here is a break down of the decision taken.
(1) Five (5) members voted to keep MPR at 12%, while four (4) members voted for an increase in MPR.
(2) Seven (7) members voted to retain the MPR corridor at +/-2%, while two (2) members voted for an asymmetric corridor.
(3) Seven (7) members voted to increase CRR on private sector deposits by 300 basis points to 15%, while two (2) members voted to retain the CRR on private sector deposits at 12%.
The Committee, therefore, decided by a majority vote of 5 to 4 to hold the MPR and its corridor at current levels but
raised the CRR on private sector deposits by 300 basis points to 15 per cent.
