Monday Night News: Central Bank of Kenya retains Central bank interest at 10%

Business | Monday 28 Nov 2016 10:08 pm

The central bank of Kenya has retained the central bank rate at 10%. The move follows a sitting of the monetary policy committee earlier today.  The central bank of Kenya noted that overall, inflation increased to 6.5% in October from 6.3% in September due to changes in the prices of food items such as tomatoes and sugar, but it was within the government’s target range. The foreign exchange market remained stable despite the volatility in the global financial markets post U.S elections, reflecting a narrower current account deficit due to lower imported petroleum prices, lower imports of machinery and equipment and resilient diaspora remittances. However, the committee noted that uncertainties in the global economy remain fragile due to the impact of Brexit and political developments in the US, relating to the tightening of the monetary policy.