The MPC has to achieve a fine balance between realising its core objective, and not unduly undermining growth in the shortterm.
While we have raised the policy rate in July 2015 by 25 basis points, bringing the cumulative increase in the policy rate since the first upward move in January 2014 to 100 basis points, in real terms monetary policy remains accommodative as pointed out in our recent MPC statement, released in September 2015.