The Bank has also initiated action in a number of areas namely: linking the Central Government and Kenya Revenue Authority to KEPSS and capping the value of payments processed through the clearing house in order to reduce systemic risk associated with the large value payments while at the same time increasing the number of transactions processed on a RTGS basis.
Given the abruptness and scale of the pandemic, the BSP deemed it necessary to provide additional emergency support to the government’s broad-based health and fiscal programs related to COVID-19. The BSP has deployed a wide range of monetary instruments and extraordinary liquidityenhancing measures to support the economy. BSP reduced the policy rate by a cumulative 200 basis points (bps).