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MPC retains MPR at 13.5%

Tony Orji by Tony Orji
November 26, 2019
in News, Featured, Socio-Economic Issues
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The Monetary Policy Committee (MPC), has retained the Monetary Policy Rate (MPR) at 13.5 per cent while other policy parameters remained constant.

Mr Godwin Emefiele, the Governor of the Central Bank of Nigeria (CBN) made this known after the MPC’s meeting in Abuja on Tuesday.

Emefiele disclosed that all the 11 members of the committee attended the meeting and unanimously voted for the decision.

He said the committee also retained Cash Reserve Ratio (CRR) at 22.5 per cent and the Liquidity Ratio at 30 per cent.

The CBN said that the MPC also retained the Asymmetric Corridors at +200 and -500 basis points around the MPR.

He explained that the committee reviewed the upside and downside on the option to tighten, loosen or hold.

Emefiele said while tightening might encourage capital flow, it also had downside consequences of tightening the already nascent recovery outlook growth.

He said that the MPC noted that the reduction in the policy rate would improve growth prospects but in view of optic inflationary pressure, decided that the balance of the risk was in favour of protecting price stability.

According to him, considering the recovery decline in market interest rate growth in domestic, the committee feels there will be more gains in shortfall to medium term.

He further explained that in holding policy at the current position, the committee noted with pleasure the positive outcome of action already taken by the bank.

Emefiele enumerated the steps taken by CBN in this direction to include policy on loan to deposit ratio which had resulted in loans advancing and rising by N1.1 trillion between June and October.

He said this action had assisted the agriculture and manufacturing sectors hence the positive outcome on the GDP. (NAN)

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About Dr. Anthony Orji

Dr Anthony Orji

Senior Lecturer, Economics, UNN

Dr Anthony Orji is a Ph.D holder in Economics and a lecturer at the Department of Economics, University of Nigeria Nsukka.

He obtained his B.Sc, Msc and Ph.D Degrees from the University of Nigeria, Nsukka and a Post Graduate Diploma in Sustainable Local Economic Development (SLED) from Erasmus University, Rotterdam Netherlands.

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