NAIROBI, Kenya, June 26 – Kamau Thugge who recently took over at the helm of the Central Bank of Kenya (CBK) as Governor will preside over his first Monetary Policy Committee (MPC) Meeting tomorrow.
MPC, which sits down once every two month, serves to maintain price stability in the economy through low and stable inflation.
It will be a tough initial one for Thugge at a time when the country is grappling with high inflationary pressure as well as depreciating local currency.
Only last week, Thugge was confirmed by CBK as its new boss after his appointment by President William Ruto.
In May, for instance, inflation increased slightly to 8 percent from 7.9 percent in the previous month.
Data from the Kenya National Bureau of Statistics (KNBS) showed that costs of food and non-food alcoholic beverages increased by 10.2 percent, as well as housing, water, electricity, gas, and other fuels at 9 percent.
Another challenge that the CBK boss will look to contain is the depreciating local units that now sell over Sh140 per Dollar.
Appreciation of the greenback has a ripple effect on inflation as Kenya imports most of its products abroad and thus pushes up prices in the local market.
