The Bank Rate was maintained at 3.75 percent at the Monetary Policy Committee (MPC) meeting held on December 3, 2020. Inflation increased from 1.8 percent in September to 2.2 percent in October 2020 and remained below the lower bound of Bank’s objective range of 3 – 6 percent. However, inflation is forecast to revert to within the objective range in the second quarter of 2021.
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