Kenya Interest Rate 1991-2014 | Data | Chart | Calendar | Forecast | News

The benchmark interest rate in Kenya was last recorded at 8.50 percent. Interest Rate in Kenya averaged 14.62 Percent from 1991 until 2014, 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


Actual Previous Highest Lowest Dates Unit Frequency
8.50 8.50 84.67 0.83 1991 - 2014 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 - Kenya Interest Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Content for - Kenya Interest Rate - was last refreshed on Sunday, October 26, 2014.


Kenya Leaves Monetary Policy Unchanged


Central Bank of Kenya decided on September 3rd to leave the benchmark interest rate unchanged at 8.5 percent, saying that there are no fundamental structural pressures on inflation.

Excerpts from the statement by the Central Bank of Kenya:

The Committee noted with concern that overall inflation exceeded the upper bound of the prescribed range of the medium-term target of 5 percent in both July and August 2014. Despite the recent short-term pressures partly reflecting the global strengthening of the US Dollar, the exchange rate has maintained a stable trend. 

The exchange rate continued to be supported by resilient foreign exchange inflows through diaspora remittances and sustained foreign investor participation in the Nairobi Securities Exchange (NSE). In addition, sale of foreign exchange by the CBK to commercial banks supported exchange rate stability. The CBK level of usable foreign exchange reserves stood at USD 6,376.95 million (equivalent to 4.21 months of import cover) as at 3rd September, 2014 which was above the minimum requirement of 4 months of import cover. The level of foreign exchange reserves is adequate to cushion the foreign exchange market against any temporary shocks. 

The latest data and stress tests show that the banking sector remains resilient. As a result, the annual growth in private sector credit stood at 25.54 percent in July 2014 compared with 25.79 percent in June 2014 which was channeled mainly to productive sectors of the economy. The Committee concluded that the monetary policy measures in place coupled with the effective liquidity management operations will continue to moderate any pressures that might give rise to adverse inflation expectations. In addition, the impact of the base effect in September 2013 on inflation will dissipate from September 2014. The MPC therefore decided to retain the CBR at 8.50 percent given that there were no fundamental structural pressures on inflation, but will pursue a tightening bias in the money market through the CBK monetary policy operations in order to continue to anchor inflationary expectations. The CBK will continue to monitor the key macroeconomic aggregates and any emergent risks from the external and domestic economies that may impact on price stability.

Central Bank of Kenya | Joana Taborda | joana.taborda@tradingeconomics.com
9/3/2014 3:20:23 PM


Recent Releases

Kenya Leaves Benchmark Rate on Hold at 8.5%
At its July 8th, 2014 meeting, Central Bank of Kenya decided to keep the benchmark interest rate at 8.5 percent for the fourteenth consecutive meeting, as inflation remains within the target range. Policymakers also decided to set the new Kenya Banks' Reference Rate at 9.13 percent. Published on 2014-07-08

Kenya Holds Key Rate Steady at 8.5%
At its April 30th, 2014 meeting, Central Bank of Kenya left the benchmark interest rate unchanged at 8.5 percent, as policymakers consider current monetary policy measures continue to deliver the desired price stability. Published on 2014-04-30


Calendar GMT Country Event Reference Actual Previous Consensus Forecast
2013-09-03 02:10 PM Kenya
Interest Rate Decision
8.5% 8.5% 8.5%
2013-11-05 02:00 PM Kenya
Interest Rate Decision
8.5% 8.5% 8.75%
2014-01-14 01:45 PM Kenya
Interest Rate Decision
8.5% 8.5% 8.5%
2014-07-08 03:00 PM Kenya
Interest Rate Decision
8.5% 8.5% 8.5%


Kenya Money Last Previous Highest Lowest Unit
Interest Rate 8.50 8.50 84.67 0.83 Percent [+]
Money Supply M1 883.60 881.40 883.60 97.90 KES Billion [+]
Money Supply M2 1810.41 1780.15 1810.41 302.72 KES Billion [+]
Money Supply M3 2129877.00 2100610.00 2129877.00 345.90 KES Billion [+]
Foreign Exchange Reserves 8483.20 7927.00 8483.20 853.00 USD Million [+]
Central Bank Balance Sheet 650670.00 620941.00 650670.00 93720.00 KES Million [+]
Interbank Rate 7.76 7.40 68.25 0.43 Percent [+]
Loans To Private Sector 1515613.00 1493754.00 1515613.00 226846.00 KES Million [+]