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RBF maintains overnight policy rate at 0.5%

October 28, 2018 10:35 pm

The Reserve Bank in its monthly meeting maintained the Overnight Policy Rate at 0.5 percent.

Governor Ariff Ali says the decision to maintain the policy rate is based on the receding outlook for inflation, adequate foreign reserves and current economic conditions.

Ali says domestic economic activity continues to be supported by robust demand, as reflected in partial indicators for consumption and investment including net Value Added Tax collections, vehicle registrations and new commercial bank lending.

Inflation was 4.6 percent in September compared to 4.3 percent in August.