A lot more needs to be done to halt the fall of the shilling

At his first chairing of the Monetary Policy Committee yesterday, Central Bank of Kenya Governor Patrick Njoroge, the new governor, showed toughness and resolve in dealing with elevated risks to the inflation outlook mainly attributed to pressures on the exchange rate witnessed over the last few months.

The committee raised the Central Bank Rate (CBR) from 10 per cent to 11.50 per cent, ostensibly to check on inflationary expectations from the falling shilling, which exchanged at Sh100 to the dollar on Monday.