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Central Bank decides to reduce SDFR & SLFR by 50bps; SRR unchanged

Aug 23, 2019 (LBO) – Monetary Board of the Central Bank has decided to reduce the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) by 50 basis points to 7.00 percent and 8.00 percent, respectively. Statutory Reserve Ratio (SRR) unchanged.

The Board said it arrived at this decision following a careful analysis of current and expected developments in the domestic economy and the financial market as well as the global economy, with the aim of further supporting the revival of economic activity in the context of low inflation prevailing at present and the medium-term inflation outlook, which is well anchored in the desired 4-6 percent range.

Supported by this decision, the Central Bank expects all market lending rates to reduce in line with the reduction already observed in deposit interest rates.

The Central Bank said it will continue to closely monitor the developments in market lending rates and recommend the imposition of appropriate caps on market lending rates of financial institutions if the intended reduction is not realised within specified timelines.

Such timelines and measures will be announced shortly in consultation with relevant stakeholders.

"Monetary policy has been accommodative with two SRR reductions totalling 2.50 percentage points and two downward adjustments to policy interest rates, which have resulted in the lowering of the policy rate corridor from 8.00 - 9.00 percent to 7.00 - 8.00 percent," the Monetary Board said.

"The Monetary Board intends to review the impact of these measures as well as the fiscal performance and global developments, prior to deciding upon the future trajectory of monetary policy going forward."

Monetary Policy Decision: Policy rates reduced and SRR unchanged
Standing Deposit Facility Rate (SDFR) 7.00%
Standing Lending Facility Rate (SLFR) 8.00%
Statutory Reserve Ratio (SRR) 5.00%

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