MPC Raises Rates to 17.50%, Highest in 17 years

At the first Monetary Policy Committee (MPC) meeting of 2023, the committee voted to tighten its stance further, by 100bps. The Monetary Policy Rate (MPR) thus stands at 17.50% with other parameters being held constant. This hike marks the fifth consecutive increase in the MPR, following rate hikes in May (1.50%), July (1.00%), September (1.50%), and November (1.00%).