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MPC set to retain rates in latest meeting

04 March 2014, 20:57

Nairobi - Ahead of the Monetary Policy Committee (MPC) meeting scheduled for later on Tuesday, analysts do not project an adjustment of rates by the local apex bank.

“An easing in underlying inflationary pressures and a continued recovery in domestic economic activity suggests the CBK (Central Bank of Kenya) will stay put on rates today and in the rest of the first half of the year.  However, Kenya’s sizeable current account deficit continues to pose a threat to exchange rate stability,” a Nairobi-based economist said.

Rand Merchant Bank Global Market Research and Sales, the international economic think-tank concurred.

“We believe that a renewed widening of the current account deficit could prompt monetary tightening in the latter part of 2014 as attracting the necessary financing becomes more challenging amid the tightening global liquidity,” the firm said in its latest trade update released on Tuesday ahead of the MPC meeting.

MPC is the organ of the CBK responsible for formulating monetary policy. The MPC chairperson convenes a meeting of the committee at least once every two months. The decisions of the committee in these meetings are communicated to the public through press releases from the chairperson.

- CAJ News.


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