The unanimous vote by all members of the MPC to leave all key rates unchanged, which was in line with our expectation, was on the back of its optimistic outlook on inflation rate to moderate, stable crude oil prices and increase vaccination against Coronavirus.
Nevertheless, we note that the possibility of the MPC to continue to pursue expansionary policy, especially through the use of MPR, may have been constrained by the level of liquidity in the financial system and its attendant adverse effects on exchange and inflation rates; hence, its new directional approach to systematically synchronize monetary and fiscal policies accommodation through developmental finance initiatives.
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