CBK Rate Review: CBK projects economic recovery in second half of 2020
Central bank monetary policy committee has retained the benchmark lending rate at 7%. This means commercial banks will continue lending you at 11.47% which is 4.74 percentage points above the CBK rate CBK says leading economic indicators my point to a recovery in the second half of 2020 following easing of restrictions. The CBK also conducted a survey on the horticultural sector and the hospitality industry which indicate that the two sectors are on the path to recovery. According to the survey 96% of hotels have reopened and began reengaging employees a factor that’s a welcome indicator for thousands of employees who had been sent on unpaid leave. The average bed occupancy rate currently stands at 23% and is expected to increase in December. CBK also noted that the measures taken so far to mitigate against the impact of covid?19 are working.