Kenya's central bank held its benchmark lending rate steady at 8.75% on Monday, its monetary policy committee said, saying its last hike in November was still working its way through the economy.
The move bucks the trend among major African central banks who have maintained a tightening stance into this year. Policymakers in Nigeria and South Africa hiked rates last week, while their Ghanaian counterparts hiked earlier on Monday.
"This action will be complemented by the recently announced government measures to allow limited duty-free imports on specific food items, which are expected to moderate prices," they said. Policymakers raised the policy rate for the first time since 2015 during their meeting in May last year, when they increased it by 50 basis points, citing growing inflation.
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