Statement on Monetary Policy Committee Meeting-October, 2019

Government has noted the reduction in repo rate from 5.40 percent to 5.15 percent announced by the Monetary Policy Committee (MPC) and believes that this will complement the recent measures taken by government to accelerate growth.

Government has also taken note of the revised growth projections of the MPC at 6.1 percent for 2019-20 along with growth projections made by other bodies including the IMF, ADB etc.

Government has further taken note of higher projection of headline inflation by MPC for 2019-20, which is within the band of 3-4 percent and well within the target range.