Central Bank of Kenya Holds Rates Steady at 7.00pc

Kenya's Forex Reserves falls in September

The Monetary Policy Committee (MPC) of Kenya’s Central Bank held rates steady on Wednesday and retained an accommodative policy stance to support the economy with inflation remaining stable.

The MPC maintained its key policy rate unchanged at 7.00 percent for the third time, saying it was having the intended effect on the economy.

In a statement, CBK Governor Dr Patrick Njoroge said the central bank’s Monetary Policy Committee (MPC) had voted to maintain its “accommodative stance remains appropriate, ” and will be augmented by the implementation of the measures in the FY2020/21 budget.

According to the MPC, progress was noted on the implementation of the fiscal policy measures announced in the FY2020/21 Budget, including the Ksh56.6 billion Economic Stimulus Programme, to stimulate the economy and cushion vulnerable citizens and businesses from the adverse effects of the pandemic.