With nothing in the outlook demanding an immediate policy response and particularly given muted inflation pressures, the Committee has adopted a patient, wait-and-see approach to considering any alteration in the stance of policy.
The country’s yawning balance of payments deficit will not be closed by government. It is through private sector exports that we will be able to deal with this huge gap between imports and exports. The trade deficit is one of the biggest enemies of our economy. It is this trade gap that threatens our exchange rate stability.