The central bank said the latest indicators point towards sustained strength in economic activity in the second quarter of 2024.
The decision, which was in line with the expectations of economists, sees the central bank staying put on the benchmark lending rate since it was last raised 25 basis points in May 2023. The central bank said the latest indicators point towards sustained strength in economic activity in the second quarter of 2024, driven by resilient domestic expenditure and better export performance.
Investment activity would be supported by the progress of multi-year projects in both the private and public sectors, the implementation of catalytic initiatives under the national master plans, as well as higher realisation of approved investments.The growth outlook is subject to downside risks from weaker-than-expected external demand and larger declines in commodity production.