4 MPC members voted for 150bps cut in policy rate to 14%

The majority of the members were worried about the impact of the developments in the Middle East and its impact on the economy, especially inflation.  For instance, according to the submission made by one member of the MPC, there are some key downside risks to the forecast with respect to inflation due to the recent surge in international crude oil prices and their transmission to domestic ex-pump petroleum prices.

By Charles Nixon