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Kenya Holds Key Rate at Three-Year Low as Inflation Seen Steady

  • Benchmark rate is kept at 9%, in line with survey projections
  • Inflation may rise in near-term, but seen remaining in range
Traffic moves along Kenyatta Avenue in Nairobi, Kenya.

Photographer: Casper Hedberg/Bloomberg

Kenya’s central bank held its benchmark rate at a three-year low as inflation is expected to remain in its target range.

The Monetary Policy Committee, which was fully constituted with nine members for the first time in five years, kept the rate at 9 percent, central bank Governor Patrick Njoroge said in a statement emailed Tuesday from the capital, Nairobi. That was in line with all 11 projections in a Bloomberg survey.