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Kenya’s central bank maintains policy rate amid falling inflation

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NAIROBI, April 3 (Xinhua) — The Central Bank of Kenya on Wednesday decided to maintain its benchmark policy rate at 13 percent, despite a decline in inflation.

Kamau Thugge, the CBK governor who chaired the Monetary Policy Committee (MPC) meeting in the Kenyan capital Nairobi, said headline inflation declined to 5.7 percent in March from 6.3 percent in March. cent in February, mainly due to lower food and fuel inflation.

“The MPC concluded that the current monetary policy stance will ensure that headline inflation continues to decline towards the midpoint of 5.0 percent of the target range, and therefore decided to maintain the central bank rate at 13.00 percent,” Thugge said in a released statement. in Nairobi.

The MPC acknowledged that its previous measures helped reduce inflation, ease exchange rate pressures and anchor inflationary expectations. Thugge said headline inflation is expected to continue to fall in the near term, supported by lower food and fuel prices, as well as the pass-through effects of recent exchange rate appreciation.

The MPC will closely monitor the impact of policy measures, as well as developments in the global and domestic economy, and stands ready to take further measures if necessary, in accordance with its mandate, he added.

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