The Board arrived at this decision, at its meeting held on 26 September 2024, after carefully considering the recent and expected macroeconomic developments and possible risks and uncertainties on the domestic and global fronts.

The aim is to ensuring that inflation aligns with the target of 5 per cent over the medium term, while enabling the economy to reach its maximum potential, the statement said.

The Board observed that inflation is likely to remain well below the target of 5 per cent over the next few quarters, potentially recording deflation in the immediate future driven by changes to administratively determined prices and easing of supply conditions, the central bank said.