Central Bank's Monetary Policy Committee (MPC) on Wednesday decide to further lower Central Bank Rate (CBR) down to 7 percent from 7.25 Percent set last meeting.
Even in light of Coronavirus outbreak, MPC noted a positive response as a result if the emergency measures taken by CBK ine March.
With CBR at 7 Percent, kenyan should expect cheap loans. Regulated lenders are supposed to use CBR as the base lending rate while giving out loans.
CBK also noticed that there was an increase in Loans and a subsequent decrease in Non Performing Loans (NPL) which is a good indicator on how the credit sector is strengthening.
Due to the unpredictable environment caused by COVID-19 pandemic, the committee will meet soon after a month to review its policies.
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