“In light of the continuing adverse economic outlook, the (monetary policy committee) decided to augment its accommodative monetary policy stance,” the central bank said in a statement. SEE ALSO: Cooperative Bank plans to acquire Jamii BoraThe bank forecast economic growth of 2.3 per cent this year, down from its March forecast of 3.4 per cent, and from its estimate of 6.2 per cent earlier this year. At its meeting in March, the bank cut the lending rate by 100 basis points, and also lowered the cash reserve ratio for commercial banks to 4.25 per cent from 5.25 per cent. SEE ALSO: Parliament to scrutinize digital lenders over exploitation claimsThe Finance Ministry had forecast growth of 6.1per centfor this year before the health crisis swept around the globe. The International Monetary Fund and World Bank have also slashed Kenya’s 2020 economic growth forecasts.

Source: Standard Digital April 29, 2020 18:56 UTC