Malawi

Malawi’s central bank raised its key interest rate by 200 bps to 24%, marking the second hike in four months. This decision followed a policy rate increase from 18% to 22% in April 2023. July’s annual inflation rate was 27.3%, a decrease from 29.2% in June. There are concerns that this rate hike might hinder borrowing, thus affecting economic growth and consumer demand.