CBK reduces policy rate to 10pc amid confusion in the financial sector
The Central Bank of Kenya’s Monetary Policy Committee(MPC) has lowered the Central Bank Rate (CBR) by 50 basis points to 10 per cent, following a meeting to review recent economic development,the economic outlook and the outcome of its previous policy decisions.
In a statement on Tuesday 20th September 2016,CBK’s MPC noted coming into force of the Banking (Amendment Act) 2016 on 14th September 2016.They reported that they are closely monitoring the impact of the new law on monetary policy and on the overal economy.
They noted that they will continue to put in place measures to sustain-ably reduce the cost of credit and improve liquidity management.
CBK will continue to monitor developments in the domestic and international economies and will use the instruments at its disposal to maintain overall price and financial sector stability read part of the sttement.