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CBK governor Patrick Njoroge sees five percent inflation next year, beyond

By Reuters | Published Tue, November 14th 2017 at 14:45, Updated November 14th 2017 at 14:58 GMT +3

 

Central Bank of Kenya Governor Patrick Njoroge (PHOTO: File)

Central Bank of Kenya governor said on Tuesday he expects inflation of around 5 percent in 2018 and going forward.

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“Looking forward inflation is well anchored. There’s no reason for it to deviate from where it is,” Patrick Njoroge told reporters on the sidelines of a conference in Dubai.

He said it was inevitable that commercial lending rate caps will be removed, but timing of the move was uncertain.

Kenya capped commercial lending rates a year ago at 4 percentage points above the central bank rate, which stands at 10 percent, and also imposed a minimum deposit rate of 70 percent of the central bank rate.


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