Boost exports, tourism to convert Kenya shilling's decline into blessing

NAIROBI: The Central Bank of Kenya's move to hold the benchmark rate, or Central Bank Rate (CBR), at 11.50 per cent is a major relief for borrowers. This was despite widespread expectations for a rate hike to tame the weakening shilling, which has shed about 14 per cent of its value this year.

Had the CBR increased, individuals and institutions holding loans would have seen their monthly repayments go up once again. The CBR has gone up by a cumulative 3 percentage points following two previous central bank meetings.