Lesotho raises rates and increases reserves
Central bank increases policy rate 25bp in bid to defend peg and fight inflation
The Central Bank of Lesotho’s monetary policy committee voted to raise rates and increase its foreign currency reserves stocks at its February 1 meeting.
The CBL committee also raised its benchmark rate by 25 basis points, to 4%.
It had lowered the policy rate from 6.25% to 3.5% in 2020. In November 2021, it raised the benchmark rate to 3.75%.
The MPC also decided to increase its net international reserves holdings from a minimum of $760 million to $790 million. The central bank has raised
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