Kenyan central bank hikes by 150bp in Njoroge’s first move

Central Bank of Kenya

The Central Bank of Kenya cut its key rate by 150 basis points for the second consecutive month on July 7, in its first monetary policy decision since Patrick Njoroge took over as governor.

The monetary policy committee (MPC) pointed to "elevated risks" to the inflation outlook stemming from a weakening domestic currency as it hiked the central bank rate to 11.5% yesterday.

It follows the MPC's decision to lift the rate from 8.5% to 10% on June 9 – the first change in the key policy rate for ove

To continue reading...