In the light of COVID-19 outbreak and significantly impacting domestic growth, the Monetary Policy Committee (MPC) has cut the Key Repo Rate (KRR) by 50 basis points to 2.85 percent per annum.
During the meeting, the MPC members discussed on downside risks to global growth and the local shores, the outbreak is set to influence consumer and business confidence with domestic spending and savings to take a hit where real GDP growth is poised to grow between 2.6 to 2.8 percent for 2020 coupled with headline inflation projection at 1.5 percent.
Please click HERE to read the full statement of the Monetary Policy Committee (MPC) website.
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