The Central Bank of Kenya has decided to hold its interest rates unchanged at 8.75% following its policy meeting yesterday. The statement from the bank indicated that it is monitoring the impact of its November 2022 interest rate hike on the economy.
This decision by the Central Bank of Kenya stands in contrast to the recent interest rate hikes by central banks in Africa. The Central Bank of Nigeria and South Africa raised interest rates last week, and the Central Bank of Ghana followed suit yesterday. Despite these moves, Kenya has chosen to maintain its current interest rate policy, opting for stability over strict financial control measures.