{"id":7655,"date":"2021-12-26T09:25:30","date_gmt":"2021-12-26T09:25:30","guid":{"rendered":"https:\/\/www.africa-press.net\/lesotho\/all-news\/domestic-economic-growth-remains-volatile-cbl-warns-2"},"modified":"2021-12-26T09:51:45","modified_gmt":"2021-12-26T09:51:45","slug":"domestic-economic-growth-remains-volatile-cbl-warns-2","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/lesotho\/all-news\/domestic-economic-growth-remains-volatile-cbl-warns-2","title":{"rendered":"Domestic economic growth remains volatile -CBL warns"},"content":{"rendered":"

Africa-Press – Lesotho. <\/strong><\/span>The Central Bank of Lesotho (CBL) Monetary Policy Committee (MPC) says the local economy\u2019s growth remains uncertain owing to multiple developments. The recent lootings in the neighbouring<\/p>\n

South Africa and the resurgences of the new Covid-19 variants coupled with global economic perspectives which remain \u201cuneven\u201d do not bode well for the<\/p>\n

country, the MPC has said. This the committee said at its 90th meeting review last Tuesday. The MPC further mentioned that the domestic labour market conditions \u201cremained weak\u201d<\/p>\n

during the first quarter of 2021 and this is attributed to the induced Covid-19 lockdown restrictions. It also highlighted that the rate of inflation in Consumer Price Index (CPI) was<\/p>\n

sitting at 6.0 percent in June while it was 6.9 percent in May both for this year. According to the Committee, food, electricity, gas and other fuels and transport<\/p>\n

components are said to be the \u201clargest\u201d contributors to the June inflation. The meeting convened to \u201creview recent economic developments and determine the adequacy of<\/p>\n

monetary targets\u201d. \u201c\u2026 although some signs of recovery are starting to emerge, global economic growth prospects remain uneven and clouded by the uncertainty surrounding possible<\/p>\n

resurgence of the virus and emergence of new variants, and the roll-out of vaccines at the country level. \u201cDomestically, any prospects for growth have to be weighed against existing uncertainties.<\/p>\n

Risks to the domestic economic outlook include the possible spread of Covid-19 and the effectiveness of the infection control measures, exposure to international<\/p>\n

economic developments, domestic structural rigidities and policy uncertainty,\u201d said the CBL Governor Dr Ret\u0161elisitsoe Matlanyane. She further took stock of the international, regional and domestic economic developments<\/p>\n

along with the financial markets\u2019 conditions. On the basis of the aforesaid, the bank had decided to decrease the Net International Reserve (NIR) from US$800 million, approximately M12 billion to US$780 million<\/p>\n

equivalent to M11,5 billion. \u201cAt this level, the NIR target remains consistent with the maintenance of the exchange rate peg between the loti and the South African<\/p>\n

rand,\u201d the CBL noted. The Committee also maintained the CBL rate at 3.50 percent per annum. This move according to the Committee will ensure that the domestic cost of funds<\/p>\n

remains at par with the rest of the region. \u201cSince the 89th MPC meeting of May 24, 2021, there has been a general pickup in global demand. This has been accompanied by improvements in rates of vaccination and<\/p>\n

increased policy support. However, global growth prospects in the near-term remain uncertain and uneven across countries. \u201cGrowth remains vulnerable to new mutations of the<\/p>\n

virus, vaccine availability and lack of uniformity in rates of country vaccinations. Further downside risks include global trade tensions, limited policy space and possible tightening<\/p>\n

of containment measures as infections rise,\u201d said the Governor. \u201cThe Committee will continue to monitor the global developments and their likely impact on domestic macroeconomic conditions, especially the CBL\u2019s net international reserves (NIR), with the aim of taking corrective action when needed.\u201d<\/p>\n

For More News And Analysis About Lesotho<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Lesotho. The Central Bank of Lesotho (CBL) Monetary Policy Committee (MPC) says the local economy\u2019s growth remains uncertain owing to multiple developments. The recent lootings in the neighbouring South Africa and the resurgences of the new Covid-19 variants coupled with global economic perspectives which remain \u201cuneven\u201d do not bode well for the country, […]<\/p>\n","protected":false},"author":84,"featured_media":7654,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,6,8,16],"tags":[233,246,245],"class_list":["post-7655","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-files","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-lesotho","tag-lesotho"],"yoast_head":"\nDomestic economic growth remains volatile -CBL warns - Lesotho<\/title>\n<meta name=\"description\" content=\"The Central Bank of Lesotho (CBL) Monetary Policy Committee (MPC) says the local economy\u2019s growth remains uncertain owin ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/lesotho\/all-news\/domestic-economic-growth-remains-volatile-cbl-warns-2\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Domestic economic growth remains volatile -CBL warns\" \/>\n<meta property=\"og:description\" content=\"The Central Bank of Lesotho (CBL) Monetary Policy Committee (MPC) says the local economy\u2019s growth remains uncertain owin ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/lesotho\/all-news\/domestic-economic-growth-remains-volatile-cbl-warns-2\" \/>\n<meta property=\"og:site_name\" content=\"Lesotho\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2021-12-26T09:25:30+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-12-26T09:51:45+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/lesotho\/sites\/62\/2021\/12\/img-61c83b197d922.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"403\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/all-news\/domestic-economic-growth-remains-volatile-cbl-warns-2#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/all-news\/domestic-economic-growth-remains-volatile-cbl-warns-2\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Domestic economic growth remains volatile -CBL warns\",\"datePublished\":\"2021-12-26T09:25:30+00:00\",\"dateModified\":\"2021-12-26T09:51:45+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/all-news\/domestic-economic-growth-remains-volatile-cbl-warns-2\"},\"wordCount\":501,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/all-news\/domestic-economic-growth-remains-volatile-cbl-warns-2#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/lesotho\/sites\/62\/2021\/12\/img-61c83b197d922.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Lesotho\",\"Lesotho\"],\"articleSection\":[\"all news\",\"economy\",\"files\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/lesotho\/all-news\/domestic-economic-growth-remains-volatile-cbl-warns-2#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/all-news\/domestic-economic-growth-remains-volatile-cbl-warns-2\",\"url\":\"https:\/\/www.africa-press.net\/lesotho\/all-news\/domestic-economic-growth-remains-volatile-cbl-warns-2\",\"name\":\"Domestic economic growth remains volatile -CBL warns - 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