For now, the Bank deemed it prudent to keep policy unchanged, but depending on unfolding events in the global and domestic environment, the Bank stands ready, as always, to act in whichever manner is deemed prudent, in line with its mandate, to ensure that inflation does not breach the upper end of the inflation band on a sustained basis, and results in a deterioration of inflation expectations.
We have noted that analysts and commentators welcomed the decision to formalise monetary policy decisions by establishing a Monetary Policy Committee, or MPC, which will comprise the governor, the deputy governors and senior bank officials. However, market participants are apparently disappointed by our decision not to publish the minutes of the MPC meetings.