Kenya hikes 100 basis points at unplanned meeting
New governor says unexpected rise in inflation made rate increase necessary
Kenya’s new central bank governor called an unscheduled monetary policy meeting, which raised the policy rate, one week after he took office.
The monetary policy committee (MPC) raised its policy rate by 100 basis points, to 10.5%, on June 26. Governor Kamau Thugge said he had called the MPC meeting after May inflation figures showed an unexpected increase.
The MPC usually meets every other month, and had held the rate at 9.5% at its May meeting. This was its fifth hike since May 2022, and the
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