The Bank Rate was maintained at 3.75 percent at the Monetary Policy Committee (MPC) meeting held on February 25, 2021. Inflation rose marginally from 2.2 percent in December 2020 to 2.3 percent in January 2021, remaining below the lower bound of Bank’s objective range of 3 – 6 percent. Nonetheless, inflation is forecast to revert to within the objective range in the second quarter of 2021 and subsequently move closer to the upper bound partly due to transitory factors.
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