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Ethiopian Central Bank Increases Benchmark Interest Rate to 16% to Curb Inflation

Bloomberg ·
  • The National Bank of Ethiopia raised its benchmark interest rate from 15% to 16% during a monetary policy committee meeting in Addis Ababa.
  • The central bank eliminated a 24% annual credit growth ceiling that had been imposed on commercial banks for the past two years.
  • The rate hike marks the first such move since Ethiopia introduced its benchmark interest rate framework two years ago.

Quotes

“The monetary policy committee increased the rate to 16% from 15%, the National Bank of Ethiopia said in a statement in the capital, Addis Ababa, on Monday. It also withdrew an annual credit growth ceiling imposed on commercial banks that’s been at 24% since for two years.”— Bloomberg

Sources