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Kenyan Central Bank Calls for Vigilance on Effects on Soaring Fuel Prices; Retains Lending Rate at 9pc

Kenya's forex reserves dropped by $0.23 billion in the week ended July 22 from $7.95 billion, the latest data by the central bank showed. 

Dr Patrick Njoroge, CBK Governor Displaying some of the new currency Notes

The Central Bank of Kenya’s Monetary Policy Committee on Wednesday held its benchmark lending rate at 9.0% for the sixth time in a row on the backdrop of inflation expectations being within the target range.

“However, there is need to be vigilant on the possible effects of the recent increases in fuel prices, the ongoing demonetisation, and the increased uncertainties in the external environment,” Dr, Patrick Njoroge, Chairman of the MPC said in a statement.

The bank indicated that the current account deficit is expected to narrow to 4.5 percent of GDP in 2019 from 5.0 percent in 2018.

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