West Africa central bank orders second rate rise of 2022
MPC says drought, unrest and global commodities shocks are driving up inflation
The Central Bank of West African States (BCEAO) announced a 25 basis point increase in its policy rates on September 14.
The move brings the open market operations rate to 2.5% and the repo rate to 4.5%. It was only the second time the BCEAO monetary policy committee has raised rates since 2016, following a 25bp hike in June.
In its press release, the MPC said the region’s inflation had continued to climb, rising to 8.1% year-on-year in July. The central bank’s inflation target is 2%, with a
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