The Central Bank of Kenya has rescheduled its monetary policy committee meeting from April 27 to April 29.
The Monetary Policy Committee will meet on Wednesday,
April 29 2020.
— Central Bank of Kenya (@CBKKenya) April 21, 2020
It’s last meeting on 23rd March 2020 was held against the backdrop of COVID-19 pandemic. As a result, it cut the policy rate by 100bps to 7.25 per cent from 8.25 per cent and reduced the Cash Reserve Ratio requirement to 4.25 per cent.
The Regulator further estimated a bearish Gross Domestic Product (GDP) growth of 3.4 per cent.
“While the extent of the adverse effects of the pandemic on the Kenyan economy is still evolving, it is already evident that the impact may be severe. Against this backdrop, the MPC’s deliberations focused on minimising the economic and financial impact,” said Dr Patrick Njoroge, chair of the MPC and CBK Governor.