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May 04, 2012
The Central Bank of Kenya is keeping the lending rate at 18% to continue to get inflation under control, Central Bank Governor Njuguna Ndung'u announced.
Ndung'u, who heads the Monetary Policy Committee (MPC), said credit expansion has not slowed down and the 9% inflation target had not been achieved to justify the beginning of an easing cycle, Business Daily Africa reported on Thursday (May 3rd). The inflation rate stands above the target, at 9.94%.
The rate of credit expansion stood at 24% in March, above the 22% target, according to official statistics. The MPC has said it plans to reduce the rate of credit expansion to 18% by June.
"The committee observed that there is need to maintain the current monetary policy stance to ensure that inflation continues to decline towards the target and to sustain the current exchange rate stability," Ndung'u said.
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