Major economic indicators- July 2020

Foreign Exchange Reserves

Gross official reserves closed the month of June 2020 at US$682.7 million (3.27 months of imports), up from US$663.0 million (3.17 months of imports) at the end of May 2020.

Foreign Exchange Reserves

Source: RBM

Inflation Rate

After increasing to 11.5 percent in December 2019, headline inflation has been on a downward trend since January 2020 and stood at 8.0 percent in July 2020. Between December 2019 and June 2020, headline inflation averaged 9.4 percent.

Inflation

 

Source: NSO

 

Policy Rate, Deposit Rate and Bank Rates

The Policy rate has been on a declining trend. Rates declined from 16% in 2018, to 14.5% in January 2019 then again to 13.5 in May 2019 to date. The base lending rates have been fixed at 13.20 for the minimum and 25.35 for the maximum. Savings deposit rate was at 4.47 as of June 2020. 

Bank Rates

Source: RBM

 

 



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