The Monetary Board of the Central Bank will announce its monetary policy for this month on Thursday August 18 at 7.30 am local time (just before the money and exchange markets open for the day).
The monthly review is a trendsetter in terms of interest rates and market players will be closely awaiting the policy decision as to whether benchmark interest rates would be increased or decreased. Central Bank officials in recent times have said that interest rates (now running at 20 to 28 per cent for Treasury bills and commercial bank rates) are too high.
Interest rates were jacked up in April aimed at reducing runaway inflation which hasn’t helped so far as inflation has surged in recent months.
Thursday’s announcement follows the customary Monetary Board meeting on Wednesday where decisions would be taken on the policy guidelines for the month.