Liquidity tightening as central banks reign in on inflation
Kenya's Central Bank has raised the key lending rate from 9.5 per cent to 10.5 per cent in the latest push by the bank to tackle rising inflation. This comes as global risks remain elevated signalling more tightening of the monetary stance. Phillip Ssali, Head, Corporate Sales & Global Markets at Standard Bank Group joins CNBC Africa for more.
Tue, 27 Jun 2023 15:13:06 GMT
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AI Generated Summary
- The Central Bank of Kenya raises key lending rate from 9.5% to 10.5% to combat rising inflation.
- Global risks remain elevated, prompting central banks worldwide to adopt tighter monetary policies.
- Phillip Ssali of Standard Bank Group underscores the importance of proactive measures and monitoring economic indicators.
Kenya's Central Bank has taken a decisive step in the fight against rising inflation by raising the key lending rate from 9.5 per cent to 10.5 per cent. This move is part of a broader effort by central banks around the world to address mounting inflationary pressures and ensure financial stability. The decision comes at a time when global risks remain elevated, necessitating a tightening of monetary policy to curb inflationary trends. To shed more light on this important development, Phillip Ssali, Head of Corporate Sales & Global Markets at Standard Bank Group, sat down with CNBC Africa for an in-depth discussion. During the interview, Ssali emphasized the need for proactive measures to maintain liquidity levels and stabilize the economy amidst challenging global conditions. He highlighted the importance of monitoring key economic indicators and adjusting monetary policies accordingly. Ssali's insights underscore the central role that central banks play in safeguarding economic stability and fostering sustainable growth in the face of increasing inflationary pressures.
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