This archive report was first published on 24 September 2019.
On September 24, 2019, the Central Bank of Kenya's governor, Patrick Njoroge, stated that the recent oil price spike caused by an attack on Saudi Arabia's largest oil processing facility would have little impact on inflation.
According to Njoroge, the central bank still expected the economy to grow by 6 per cent this year, citing good performance in the tourism sector, a top hard currency earner and employer in the country.
However, Njoroge warned that there were significant risks, including the U.S.-China trade war and the ensuing softening of the global economy.
"The external sector is worsening dramatically," he said.
The central bank held its benchmark lending rate at 9.0 per cent, saying inflation was well anchored within the government's preferred range and that the economy was operating close to its potential.
