Kenya’s central bank will hold interest rates at 9.50% on Monday as authorities have probably done enough to slow consumer price rises, a Reuters poll found on Friday.
The central bank has lifted rates by 250 basis points in the past year, less than other parts of the continent like Ghana which held rates at 29.50% this week after hiking by a cumulative 1,600 basis points.
Inflation in Kenya dropped to an annual 7.9% in April from 9.2% a month earlier, helped by lower prices for some food items.
“In line with our view that central banks around the world will shift away from their hawkish stance over the coming quarters, we believe that the March 2023 meeting marked the end of Kenya’s tightening cycle,” said Lara Wolf, Sub-Saharan Africa Country Risk Analyst at Fitch Solutions.
Read More : Reuters Poll: Kenya’s Central Bank to Keep Rates Unchanged at 9.50% on May 29