CBK retains key rate at 10.5 percent
The Central Bank of Kenya (CBK) has maintained its benchmark lending rate at 10.5 percent in the latest review by the Monetary Policy Committee, citing falling inflation on favorable weather conditions. “Inflation is already within the target band, and is expected to decline further as food inflation is expected to come down,” the committee said in a statement. Kenya’s inflation declined to 7.3 percent in July 2023 from 7.9 percent in June, driven by lower food and non-food non-fuel inflation. At 7.3 percent, the country’s rate of rise in the cost of living within policymaker’s target range of 5 ±2 per cent. GDP data for
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