CBK cuts rate-setting meetings as calm returns

The rate-setting organ of the central bank, the Monetary Policy Committee (MPC) has returned to its normal meeting schedule of once every two months from monthly as market turbulence appears to ebb away.

The regulator has fixed the next meeting on November 17, through an announcement on its website.

The MPC will be holding the first meeting in two months since the last one held in on September 22.

This means the MPC has reverted to the normal schedule of meeting once every two months after convening every month since May when the shilling turbulence emerged.

READ: Shilling in slight gain as CBK maintains rate

This committee will be making a decision against the background of a more stable shilling, Interest rates are also beginning to decline with the 91-day Treasury bill – considered a key indicative risk-free rate – falling by over three percentage points (300 basis points) to just over 19 per cent in the latest auction.

However, there was a slight tick-up in overall inflation in October to 6.72 per cent from 5.97 per cent in September.

SOURCE: BUSINESS DAILY