Kenya's central bank retains benchmark rate at 13 pct amid steady inflation

0 Comment(s)Print E-mail Xinhua, June 6, 2024
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NAIROBI, June 5 (Xinhua) -- The Central Bank of Kenya (CBK) on Wednesday retained its benchmark lending rate at 13 percent as inflation remains stable.

CBK Governor Kamau Thugge, who chaired the Monetary Policy Committee (MPC) meeting, noted that its previous measures have lowered overall inflation to the mid-point of the target range, stabilized the exchange rate, and anchored inflationary expectations.

"Overall inflation is expected to remain stable around the mid-point of the target range in the near term, supported by the stable exchange rate, improved food supply attributed to favorable weather conditions, stable fuel prices, and the impact of monetary policy actions which continue to filter through the economy," Thugge said in a statement released in Nairobi, Kenya's capital.

He also said that Kenya's overall inflation remained broadly unchanged at 5.1 percent in May, compared to 5 percent in April, which is the mid-point of the target range.

The MPC added that it met against a backdrop of an improved global outlook for growth, continued stickiness in inflation in advanced economies, and persistent geopolitical tension and stands ready to take further action as necessary in line with its mandate. Enditem

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