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Kenya central banker says still has ‘plenty of firepower’

Kenya Central Bank Governor Patrick Njoroge arrives for a news conference at the Central Bank of Kenya (CBK) headquarters in Nairobi, Kenya July 25, 2019. REUTERS-Stringer

Kenya’s central bank governor said on Thursday that policymakers still have “plenty of firepower” to combat impact of the coronavirus crisis on the economy.

Policymakers in the East African nation have cut the benchmark lending rate by a total of 125 basis points, reduced the amount of cash that commercial banks are required to hold in reserves, and allowed the lenders to restructure distressed loans.

“We still have plenty of those (tools). We are willing to use them as needed, if needed, but at this moment the MPC judged that it is better to wait,” he said, referring to the bank’s decision to hold rates on Wednesday.

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