Kenya Interest Rate  1991-2016 | Data | Chart | Calendar | Forecast | News

The Central Bank of Kenya cut its benchmark interest rate by 100 bps to 10.5 percent at its May 2016 meeting, saying the currency is stable and expecting the inflation to ease further in upcoming months. The inflation has been slowing since the beginning of the year and reached a nearly 3-year low of 5.27 percent in April of 2016. Interest Rate in Kenya averaged 14.26 percent from 1991 until 2016, 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. Interest Rate in Kenya is reported by the Central Bank of Kenya.

Kenya Interest Rate
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Actual Previous Highest Lowest Dates Unit Frequency
10.50 11.50 84.67 0.83 1991 - 2016 percent Daily
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 May of 2016.


Calendar GMT Reference Actual Previous Consensus Forecast (i)
2016-01-20 02:45 PM Interest Rate Decision 11.5% 11.5% 11.5% 11.5%
2016-03-21 02:10 PM Interest Rate Decision 11.5% 11.5% 11.5% 11.5%
2016-05-23 01:40 PM Interest Rate Decision 10.5% 11.5% 11.5%

Kenya Lowers Key Rate to 10.5%


The Central Bank of Kenya cut its benchmark interest rate by 100 bps to 10.5 percent at its May 2016 meeting, saying the currency is stable and expecting the inflation to ease further in upcoming months. The inflation has been slowing since the beginning of the year and reached a nearly 3-year low of 5.27 percent in April of 2016.

Excerpts from the statement by the Central Bank of Kenya:
Month-on-month overall inflation fell to 5.3 percent in April 2016, from 6.5 percent in March, and was within the Government’s target range. This decline was largely due to reduction in the prices of food items and fuel. Month-on-month non-food-non-fuel (NFNF) inflation also declined to 5.8 percent in April from 6.0 percent in March. The CPI category alcoholic beverages, tobacco and narcotics contributed 1.1 percentage points to NFNF inflation in April, reflecting the revised excise tax introduced in December 2015. Significantly, the 3-month annualised NFNF inflation fell from 6.8 percent in March to 4.6 percent in April, indicating that there were no significant demand pressures in the economy

The foreign exchange market has remained stable, supported by a narrower current account deficit due to lower oil imports, improved earnings from tea and horticulture exports, and strong diaspora remittances. The current account deficit was estimated at 6.8 percent of GDP in 2015, a reduction of 3 percentage points from 2014, and is expected to narrow further in 2016. 

Foreign exchange reserves of the Central Bank of Kenya (CBK) currently stand at USD7,688.3 million (equivalent to 5.0 months of import cover) up from USD7,377.2 million (equivalent to 4.7 months of import cover) at the end of March 2016. These reserves, together with the Precautionary Arrangements with the International Monetary Fund (IMF) will continue to provide adequate buffers against short-term shocks

The coordination between monetary and fiscal policies continues to support macroeconomic stability. The National Government budget deficit is expected to narrow in FY2015/16 thereby easing pressure on interest rates. 

The banking sector is resilient and has begun to stabilise following the successful and quick reopening of Chase Bank, which has enhanced confidence in the sector. Furthermore, the CBK’s enforcement of existing regulations particularly with respect to the classification of loans, has strengthened and increased transparency of the banking sector. 

The Committee noted that overall inflation is expected to decline and remain within the Government target range in the short-term. Therefore, it concluded that there was policy space for an easing of monetary policy while continuing to anchor inflation expectations. The MPC therefore decided to lower the CBR by 100 basis points to 10.5 percent. The CBK will continue to monitor developments in the economy, and will use instruments at its disposal to maintain overall price and financial sector stability. 

Central Bank of Kenya | Mojdeh Kazemi | mojdeh@tradingeconomics.com
5/23/2016 3:36:11 PM

Kenya Money Last Previous Highest Lowest Unit
Interest Rate 10.50 11.50 84.67 0.83 percent [+]
Interbank Rate 4.50 6.10 68.30 0.40 percent [+]
Money Supply M1 1048.10 1038.20 1048.10 71.50 KES Billion [+]
Money Supply M2 2239.67 2172.22 2239.67 231.09 KES Billion [+]
Money Supply M3 2635895.00 2572765.00 2650182.00 244755.00 KES Million [+]
Foreign Exchange Reserves 9793.56 9411.03 10398.72 853.00 USD Million [+]
Deposit Interest Rate 8.37 8.64 18.40 2.43 percent [+]
Loans To Private Sector 2247758.00 2212294.00 2247758.00 166281.00 KES Million [+]
Central Bank Balance Sheet 775052.00 764492.00 828282.00 93720.00 KES Million [+]




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