The Central Bank has maintained the Repo Rate, or the rate commercial banks take short-term loans from our Central Bank, at 3.5%.
In its December Monetary Policy Announcement, the Bank says the latest data from the Central Statistical Office shows real Gross Domestic Product has expanded by 3% as compared to 2022. The labour market reflects that unemployment has declined by 3.7%. Meanwhile, there is steady growth in the non-energy sectors.
According to the figures, headline inflation has continued to moderate while while food inflation has slowed to .8%, compared to 4.1% in the previous quarter.