The Monetary Policy Committee (MPC) decided to cut the policy rate by 250 basis points to 15 percent, effective from November 5, 2024. The Committee noted that inflation has declined faster than expected and has reached close to its medium-term target range in October.
The Committee assessed that the tight monetary policy stance continues to play an important role in sustaining the downward trend in inflation.
Moreover, a sharp decline in food inflation, favorable global oil prices and absence of expected adjustments in gas tariffs and PDL rates have accelerated the pace of disinflation in recent months.
