Sierra Leone’s central bank became the first in Africa and second globally after Israel to raise interest rates this year. A combination of factors, ranging from higher commodity costs to uncertainty around the Covid-19 pandemic, are keeping price pressures elevated in the West African nation. The Bank of Sierra Leone’s monetary policy committee hiked its key rate for a fifth straight meeting to 18.25% from 17%, bringing cumulative increases in just over a year to 425 basis points.
(Bloomberg) — Sierra Leone’s central bank became the first in Africa and second globally after Israel to raise interest rates this year. A combination of factors, ranging from higher commodity costs to uncertainty around the Covid-19 pandemic, are keeping price pressures elevated in the West African nation. The Bank of Sierra Leone’s monetary policy committee hiked its key rate for a fifth straight meeting to 18.25% from 17%, bringing cumulative increases in just over a year to 425 basis points.
–With assistance from Rene Vollgraaff.
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