Base Lending Rate Retained At 7%

Lending Rate

On the back of gradual economic recovery from the coronavirus pandemic, the Central Bank of Kenya (CBK) retained the base lending rate at seven per cent for nine consecutive months.

CBK’s Monetary Policy Committee (MPC) said policy initiatives introduced at the onset of the pandemic have had the intended effect on the economy. This was indicated in a statement on Wednesday issued to newsrooms.

“The MPC concluded that the current accommodative monetary policy stance remains appropriate, and therefore decided to retain the Central Bank Rate (CBR) at 7.00 per cent,” said the MPC in its statement.

As the next meeting will be in March 2021, CBK Governor Patrick Njoroge said the MPC will closely monitor the impact of the policy measures.

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