In the Monetary Policy Review released yesterday (11), the Bank said its Repurchase rate would remain at 7.75 per cent while the Reverse Repurchase rate remains at 9.75 per cent.

In the meantime, provisional data shows that the growth of import expenditure has been shrinking sharply in the first five months of the year, thereby narrowing the trade deficit, compared to the high levels recorded in 2011, the Bank further said.