I also wish to inform you that the Bank has completed its series of consultations with respect to the New Monetary Policy Framework. The framework will be officially introduced in January 2023. Under the new framework, the Bank is introducing flexible inflation targeting.
The inflation target for the country has been defined to be in a range of 2 to 5 percent, with the aim to achieve 3 per cent in the medium term as recommended by the IMF. The Key Repo Rate will also be replaced by the Key Rate.