Kenya Joins Peers in Leaving Interest Rates on Hold on Iran War

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Or sign-in if you have an account.(Bloomberg) — Kenya’s central bank kept its benchmark interest rate unchanged for third time in a row as it monitors the impact of the ongoing Iran war on the economy.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountThe monetary policy committee left the key rate at 8.75%, Governor Kamau Thugge said in an emailed statement Tuesday. All five economists in a Bloomberg survey expected an unchanged stance.“The committee concluded that the current monetary policy stance, with the central bank rate unchanged at 8.75%, remains appropriate to ensure that inflation expectations remain anchored within the target range, and the exchange rate remains stable,” Thugge said in the statement. Inflation is seen staying within the target range in the near term, “assuming a de-escalation of the conflict in the Middle East.”Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againInflation has exceeded the 5% midpoint of the central bank’s target range, the level at which it prefers to anchor expectations, for four consecutive months.Consumer prices rose an annual 6.5% last month from 6.4% in June, after higher fuel costs driven by the war in Iran added to price pressures across food and transport. Core inflation accelerated to 3.2% in July, compared with 3.1% the previous month, reflecting second round effects from rising gasoline prices.Central banks across the world, including in South Africa and Australia, are maintaining a cautious stance on interest rates as the stop-start conflict between the US and Iran whipsaws global energy and fertilizer prices, with the Strait of Hormuz effectively unpassable and maritime risks expanding to the Red Sea.This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. 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