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At the fifth meeting of the Monetary Policy Committee (MPC) meeting held on 26th September 2013, members resolved to maintain the Bank rate at 25.0 percent to sustain the tight monetary policy stance against the backdrop of emerging risks to inflation.

Estimates of real GDP growth remained unchanged at 5.0 percent in 2013.

Inflation decelerated to 23.3 percent in August 2013 from 25.2 percent in the preceding month, explained by a sharp slowdown in food prices coupled with the appreciation of the Kwacha. But looking ahead, inflation is expected to be higher than earlier forecasted as prices of food, fuel and utility tariffs pick up.

"Financial system stability has improved following the deceleration in the inflation rate and recent stability in the exchange rate, although risks remain due to the continuing high interest rates", the bank said.


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