At the meeting held on 26 April 2024, the Monetary Policy Committee (MPC) of the Bank of Botswana maintained the Monetary Policy Rate (MoPR) at 2.4 percent. Headline inflation decreased from 3.9 percent in February to 2.9 percent in March 2024, breaching the lower bound of the medium-term objective range of 3 – 6 percent. The decrease in inflation was mainly due to the diminishing impact of the increase in domestic fuel prices in the corresponding period in 2023 (base effects). Inflation is forecast at 2.3 percent for April 2024 and the MPC projects that inflation will remain below the lower bound of the objective range temporarily and revert to within the objective range from the third quarter of 2024 into the medium term, averaging 3.2 percent in 2024 and 5 percent in 2025.
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