Central Bank pushes CBR upwards as inflation rises in Kenya

For the first time since July 2015, the Central Bank of Kenya has hiked its benchmark rate as the economy faces growing pressure from the rising cost of living as well as a weakening currency. In its May 2022 meeting which took place on Monday, the Central Bank of Kenya Monetary Policy Committee meeting, the Central Bank of Kenya decided to revise the benchmark rate upward from 7.0 per cent to 7.5 per cent, the first hike in the policy rate since July 2015. This means that borrowers should now expect tighter credit conditions as banks which have transitioned into risk-based pricing are poised to revise lending rates upwards.
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