Bank of Sierra Leone Holds Monetary Policy Rate at 23%
The Bank of Sierra Leone held its monetary policy rate unchanged at 23%, but increased the standing facility rate by 200 basis points to 30% from 28%. The reverse repo rate was announced as 25%, and the rediscount rate at 27%. The Bank said: "The underlying challenges remain containing the increase in consumer price inflation recently driven by food and fuel price increases,"... "recent improvements in the fiscal position underscore the need to maintain a neutral monetary policy stance."
Sierra Leone reported an annual inflation rate of 15.4% in April, up from the 12.5% rate experienced during 2010. Finance Minister, Samura Kamara, said GDP growth is expected around 5.5% during 2011, compared to IMF statistics which reported the Sierra Leone economy as growing 4.77% last year.