At the meeting held on February 23, 2023, the Monetary Policy Committee (MPC) of the Bank of Botswana decided to maintain the Monetary Policy Rate (MoPR) at 2.65 percent. Inflation decreased significantly from 12.4 percent in December 2022 to 9.3 percent in January 2023, but remained above the Bank’s medium-term objective range of 3 – 6 percent. The reduction in inflation is partly due to the impact of the downward adjustment of domestic fuel prices in December 2022 and January 2023. The MPC projects that, while it will fluctuate, inflation will trend downwards and fall within the objective range in the second quarter of 2024.
Read the MPC Statement attached below: