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XINHUA NEWS SERVICE REPORTS FROM THE AFRICAN CONTINENT

 

Kenya central bank retains benchmark lending rate at nine percent

NAIROBI (Xinhua) -- Kenya’s central bank on Monday retained the benchmark lending rate, the central bank rate (CBR), at nine percent, saying that inflation expectations remained well anchored within the target range.

The Central Bank of Kenya (CBK)’s Monetary Policy Committee (MPC) which met in Nairobi said that the current policy stance remains appropriate, and the committee will continue to monitor any perverse response to its previous decisions.
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  "The Committee therefore decided to retain the CBR at 9.00 percent," chairman of MPC Patrick Njoroge said in a statement after the meeting.

The MPC met to review the outcome of its previous policy decisions and recent economic developments.

According to Njoroge, the meeting was held against a backdrop of domestic macroeconomic stability, increased optimism on the economic growth prospects, lower international oil prices, and increased uncertainties and weaker global growth outlook.

In addition, the MPC said it will continue to closely monitor developments in the global and domestic economy and stands ready to take additional measures as necessary.

Njoroge, who is also the governor of the CBK, noted that expectations of increased agricultural production, a stable macroeconomic environment and strong tourism performance contributed to the strong positive sentiment.

 
NAIROBI (Xinhua) -- Sakina Hassanali, Head of Development Consulting and Research Hass Consult speaks during the release of property and land indices for 2018 last quarter, in Nairobi. Apartments recorded the highest rise in rents during the period. XINHUA PHOTO - NYALWASH
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"Nevertheless, the optimism was tempered by the slow growth in private sector credit, and concerns of a likely slowdown in global growth in 2019," said Njoroge.

             

 

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