Central Bank of Kenya raises rate and denies FX shortage

New president nominates former governor Ndung’u to become finance minister

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The Central Bank of Kenya

The Central Bank of Kenya’s (CBK) monetary policy committee (MPC) voted to raise its key rate on September 29, in its second hike this year. The central bank later issued a statement denying there was a shortage of foreign exchange, in response to comments by the deputy president.

The MPC raised its benchmark interest rate by 75 basis points, from 7.50% to 8.25%, saying it was “ready to take additional measures, as necessary”.

The hike came two days after the country’s newly elected president

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