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Monetary Policy Review - 6 April 2022

We use monetary policy to maintain price stability as defined in the remit. The current remit requires us to keep inflation between 1 and 3% on average over the medium term, with a focus on keeping future average inflation near the 2% target midpoint and supporting maximum sustainable employment. We implement monetary policy by setting the official cash rate (OCR), which is reviewed seven times a year.

Past Event

OCR announcements name change

We are changing the name of the 'OCR' announcements to 'Monetary Policy Review (MPR)' announcements. This reflects the fact that other tools such as forward guidance and LSAP, not just the OCR, are being deployed to achieve the MPC’s mandate of low and stable inflation and full employment. The naming of MPS announcements will remain unchanged.