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Central Bank saves borrowers from interest rate hikes again

Central Bank of Kenya (CBK) Governor Patrick Njoroge addressing the press at his office. [Beverlyne Musili/Standard]

Borrowers can heave a sigh of relief after the Central Bank of Kenya retained the benchmark rate at nine per cent for the second time since lowering it in July.

The apex bank, which was under pressure to increase the rate following bullish oil prices and rising inflation pushed by consumption tax on oil, held off an upward review in the wake of a surprise dip in oil prices.

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