Central Bank of Kenya’s (CBK) policy-making committee will meet next on Monday 29th May to determine the benchmark interest rates for the next two months.
In their last meeting on March 27th, the committee decided to keep its benchmark interest rate (CBR) unchanged at 10.0% for the third Meeting in a row, a decision widely expected by the market.
The Monetary Policy Committee is the organ of the Central Bank of Kenya responsible for formulating monetary policy. The Committee meets once every two months and will convene an additional meeting if requested in writing by at least four members. The quorum for meetings of the Committee is five members, one of whom must be the Chairman or Vice-Chairman.
The membership of the MPC is as follows:
- The Governor, who is the chairman.
- The Deputy Governor.
- Two members appointed by the Governor from the Bank, one being a person with executive responsibility within the Bank for monetary policy analysis (Director of Research Department) and the other being a person with responsibility within the Bank for monetary policy operations (External Payments and Reserves Management).
- Four external members who have knowledge, experience and expertise in matters relating to finance, banking and fiscal and monetary policy, who are appointed by the Cabinet Secretary for the National Treasury.
- The Principal Secretary, National Treasury, or his designated alternate as representing the National Treasury. The National Treasury representative is a non-voting member of the committee.
- Each external member of the Committee serves for a term of three years, which is renewable once.