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Kenya Moody’s welcomes tax cuts

The global rating agency Moody’s has welcomed the package of monetary and fiscal policy measures taken by the Kenyan authorities on Tuesday to lessen the impact of the coronavirus epidemic on the economy.

The rating agency said it expects these measures to mitigate the negative impact of economic turmoil on asset quality and bank liquidity.

“Monetary measures such as reductions in the central bank rate (CBR) and the cash reserve ratio (CRR) will allow credit to continue to flow to businesses and households, and help the banking system stay sufficiently liquid “Said Christos Theofilou, banking analyst at Moody’s.

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