MONROVIA – The Board of Governors of the Central Bank of Liberia (CBL), during its 19 August 2020 sitting on Monetary Policy’s decision, agreed to retain the monetary policy rate of 25.0% based on projected headline inflation of approximately 17.0% for quarter three of 2020. The announcement to maintain the current monetary policy rate is partly predicated on the evolving global economic dynamics, which has transmitted adverse effects to domestic economic developments. In May this year, the Central Bank lowered its monetary policy rate from 30.0% to 25.0%. Monetary Policy Rates: In June 2020, monetary policy rates stabilized at 0.25% and 0.10% in the United States and United Kingdom, respectively and negative 0.50% in the European Union. For example, in The Gambia and Nigeria, monetary policy rates eased by 200 basis points to 10.0%, and 100 basis points to 12.5%, respectively; while Ghana and Sierra Leone maintained their monetary policy rates at 14.5% and 15.0%, respectively.

Source: Front Page Africa August 26, 2020 22:52 UTC