The Monetary Policy Committee (MPC) of the BoM kept the Key Repo Rate unchanged at 4.50% per annum (as at June 2023). With the domestic economy gaining momentum in 2022 and global cross-border investment activities sustained, the economy grew by 8.7% in 2022 and a similar trend is expected across 2023. BoM forecasts inflation to decrease to about 6.8% in 2023 whilst hitting the target range of 2% to 5% in 2024. All these macroeconomic considerations have driven the decision of the MPC to leave the key rate unchanged.

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