The Bank of Botswana's Monetary Policy Committee (MPC) has announced that it will maintain the bank Monetary Policy Rate (MoPR) at 2.4%.
"The MPC recognises that the economy is expected to operate below full capacity in the short term and there not expected to generate demand-driven inflation," said governor Cornelius Dekop. "Furthermore, inflation is expected to remain in the objective range in the medium term."
According to governor Dekop, inflation is expected to average 4% in 2024 and 5% in 2025. Meanwhile, economic growth is expected to be 4.2% in 2024 and 5.2% in 2025, driven by significant government spending.
The MPC, chaired by the Governor, is a statutory committee established by the Bank of Botswana (Amendment) Act, 2022. The Committee consists of nine members, four of whom are independent external members.