MPC holds a meeting today

The central bank of Kenya has reviewed downwards the Kenya bank's reference rate kbrr by 97 basis points to 8.90 percent from 9.87 percent, as the regulator moves to ease lending in the economy. At a sitting of the central bank monetary policy committee which met earlier Monday, the CBK noted that despite inflation rising in June, it was within government target range and that the effects of the recent increase in fuel tax were expected to exert only temporary upward pressure on consumer prices. The foreign exchange market remained stable reflecting a narrower current account deficit due to a lower import bill. Non-performing loans to gross loans fell marginally from 8.5 percent in May to 8.4 percent in June 2016 with the MPC observing that the banking sector continues to stabilize with improved liquidity conditions. However, the committee noted that uncertainties in the global economy have increased with Brexit, which has since sparked global financial market volatility and a sharp d

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