Editor's note: BOZ Governor Michael Gondwe yesterday delivered the following Monetary Policy Statement. It is intended as a quarterly snapshot of the state of the economy, with particular focus on the monetary side.
The Monetary Policy Committee (MPC) met yesterday, 18 th November 2014, to consider developments in the domestic economy over the third quarter of 2014. In its deliberations, the MPC also considered global economic developments and their likely ramifications on the Central Bank’s ability to achieve its core objective of maintaining price stability.
GLOBAL ECONOMIC DEVELOPMENTS
The prospects for global growth have worsened since the August MPC meeting, with repercussions on commodity prices and global financial flows.