The Central Bank of Kenya governor, Kamau Thugge will host his inaugural Monetary Policy Committee (MPC) on June 26.
It, however, did not disclose the agenda.
“The Monetary Policy Committee will hold its meeting on Monday, June 26, 2023,” the tweet posted Friday evening reads.
The Monetary Policy Committee (MPC) will hold its next meeting on Monday, 26 June 2023.
— Central Bank of Kenya (@CBKKenya) June 23, 2023
In May, the MPC retained the base lending rate at 9.5 per cent against a backdrop of continued global uncertainties, a weak global growth outlook, easing inflationary pressures, and geopolitical tensions.
The overall headline inflation has remained above the CBK target range of 2.5 per cent -7.5 per cent for the past one year, despite the MPC raising its Central Bank Rate (CBR) by a cumulative 175.0 bps in 2022 and 75.0 bps on year-to-date.
Inflationary pressures are expected to persist in the short term but ease in the medium term to CBK’s target range of 2.5 per cent to 7.5 per cent. This is due to an easing in global fuel prices and favourable weather conditions leading to a reduction in domestic food prices.
The high commodity prices in the country are due to the sustained depreciation of the Kenya Shilling, which has inflated the import bill. As a result, manufacturers increase commodity prices to pass on the cost to consumers.
On a year-to-date basis, the shilling has depreciated by 13.8 per cent against the dollar, adding to the 9.0 per cent depreciation recorded in 2022.