Kenya’s central bank held its benchmark lending rate steady at 9.50 per cent on Monday, against a backdrop of continued global uncertainties, a weak global growth outlook, easing inflationary pressures and geopolitical tensions.
“The Committee noted that the impact of the further tightening of monetary policy in March 2023 to anchor inflationary expectations was still transmitting in the economy,” said Dr Patrick Njoroge in an emailed statement.
Inflation in Kenya dropped to an annual 7.9 per cent in April from 9.2 per cent a month earlier, helped by lower prices for some food items.
“The Committee will closely monitor the impact of the policy measures, as well as developments in the global and domestic economy, and stands ready to take additional measures, as necessary,” the MPC Chairman said.
“The Committee will meet again in July 2023, but remains ready to reconvene earlier if necessary.”