Kenya Interest Rate  1991-2018 | Data | Chart | Calendar | Forecast | News

The Central Bank of Kenya kept its benchmark interest rate steady at 9.5 percent at its May 28th 2018, meeting, surprising markets who expected a 50 bps cut. The move follows a 50 bps slash in the previous meeting, as policymakers noted that the decision of cutting the interest rate in the March meeting still needs to be transmitted to the economy. Interest Rate in Kenya averaged 13.93 percent from 1991 until 2018, reaching an all time high of 84.67 percent in July of 1993 and a record low of 0.83 percent in September of 2003.

Kenya Interest Rate
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Kenya Holds Interest Rate Steady at 9.5%


The Central Bank of Kenya kept its benchmark interest rate steady at 9.5 percent at its May 28th 2018, meeting, surprising markets who expected a 50 bps cut. The move follows a 50 bps slash in the previous meeting, as policymakers noted that the decision of cutting the interest rate in March still needs to be transmitted to the economy.

Excerpts from the MPC Press Release:

Month-on-month overall inflation fell to 3.7 percent in April 2018 from 4.2 percent in March 2018 largely due to lower food prices particularly for Irish potatoes, cabbages, and sugar. The decrease in food prices outweighed the increases in energy prices. Non-food-non-fuel (NFNF) inflation rose slightly, but remained below 5 percent indicating that demand driven inflationary pressures are muted. The rising international oil prices and the impact on domestic fuel prices are expected to continue exerting moderate upward pressure on inflation. Nevertheless, overall inflation is expected to remain within the Government target range mainly due to the expected further decline in food prices following improved weather conditions.

The MPC Private Sector Market Perception Survey conducted in May 2018 showed that inflation was expected to decline in the near term on account of lower food prices. The Survey revealed sustained optimism for stronger growth in 2018 and improved business environment. Respondents attributed this optimism to, among others, a stable macroeconomic environment, favourable weather conditions, continued public spending on infrastructure, focus by the Government on the Big 4 priority areas, and the expected direct flights to the U.S. However, respondents’ optimism was tempered by concerns that recent floods in many parts of the country may negatively affect crop yields and tourism in the short term.

The MPC noted that inflation expectations were well anchored within the Government target range, economic output was below its potential level, and there was some room for accommodative monetary policy. The Committee assessed that the policy action at its March meeting (a reduction of the Central Bank Rate by 50 basis points) was yet to be fully transmitted to the economy, including a determination of any perverse outcomes. The Committee therefore decided to retain the CBR at 9.50 percent. The MPC will continue to closely monitor developments in the global and domestic economy, and stands ready to take additional measures as necessary.


Central Bank of Kenya | Stefanie Moya | stefanie.moya@tradingeconomics.com
5/28/2018 2:07:26 PM



Calendar GMT Actual Previous Consensus TEForecast
2018-01-22 01:30 PM Interest Rate Decision 10% 10% 10% 10%
2018-03-19 01:30 PM Interest Rate Decision 9.5% 10% 10% 10%
2018-05-28 01:30 PM Interest Rate Decision 9.5% 9.5% 9% 9.5%
2018-07-30 01:30 PM Interest Rate Decision 9.5%


Kenya Money Last Previous Highest Lowest Unit
Interest Rate 9.50 9.50 84.67 0.83 percent [+]
Interbank Rate 4.70 4.70 68.30 0.40 percent [+]
Money Supply M1 1417.19 1372.82 1417.19 71.50 KES Billion [+]
Money Supply M2 2584.91 2547.32 2584.91 231.09 KES Billion [+]
Money Supply M3 3055110.57 3015693.36 3055110.57 244755.00 KES Million [+]
Foreign Exchange Reserves 11858.50 9757.80 11858.50 853.00 USD Million [+]
Deposit Interest Rate 7.70 8.70 18.40 2.43 percent [+]
Loans To Private Sector 2326105.00 2335247.00 2344446.00 166281.00 KES Million [+]
Central Bank Balance Sheet 934656.00 946464.00 962805.00 93720.00 KES Million [+]


Kenya Interest Rate

In Kenya, interest rates decisions are taken by The Monetary Policy Committee (MPC) of the The Central Bank of Kenya. The official interest rate since August 2005 is the Central Bank Rate (CBR), which replaced the 91-day Treasury Bill (TB) rate. This page provides the latest reported value for - Kenya Interest Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Kenya Interest Rate - actual data, historical chart and calendar of releases - was last updated on July of 2018.

Actual Previous Highest Lowest Dates Unit Frequency
9.50 9.50 84.67 0.83 1991 - 2018 percent Daily




interest rate by Country
Country Last
Turkey 17.75 Jun/18
Mexico 7.75 Jun/18
Russia 7.25 Jun/18
Brazil 6.50 Jun/18
India 6.25 Jun/18
Indonesia 5.25 Jul/18
China 4.35 Jun/18
United States 2.00 Jun/18
Australia 1.50 Jul/18
Canada 1.50 Jul/18
South Korea 1.50 Jul/18
United Kingdom 0.50 Jul/18
Euro Area 0.00 Jun/18
France 0.00 Jun/18
Germany 0.00 Jun/18
Italy 0.00 Jun/18
Netherlands 0.00 Jun/18
Spain 0.00 Jun/18
Japan -0.10 Jun/18
Switzerland -0.75 Jun/18


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