CBN MPC Reduces MPR to 11.50%, Retains Other Parameters After Sept 2020 Meeting

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Tuesday, September 22, 2020 / 03:15 PM / by Proshare Research / Header Image Credit: AIT

 

The Monetary Policy Committee (MPC) concluded its two-day policy meeting today.

The Committee members voted to reduce the benchmark interest rate by 100 basis points to 11.50% from 12.50%.

At the end of the meeting, the Committee reached the following decisions:

  1. Reduces Monetary Policy Rate (MPR) to 11.5% from 12.5%;
  2. The asymmetric corridor was adjusted to +100/-700 bps around the MPR from +200/-500 bps
  3. Retains Cash Reserves Ratio (CRR) at 27.5%; and
  4. Retains Liquidity Ratio (LR) at 30.0%.

 

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