Kenya’s central bank kept its benchmark lending rate at 8.75% this Tuesday, the bank’s monetary policy committee said.
Economists polled by Reuters had predicted the bank would hold the rate for the second policy meeting in a row.
Inflation rose sharply in April and May, driven by fuel price hikes triggered by the surge in global energy costs linked to the Iran war.
At 6.7% year on year last month inflation is approaching the top of the government’s preferred 2.5%-7.5% range.
The Central Bank of Kenya on Tuesday revised down its economic growth forecast for this year to 4.9% from a previous projection of 5.3%.
–Reuters–
