Central bank holds main lending rate at 9.0 per cent
SEE ALSO :IEBC lays ground for boundary reviewIt is the first monetary policy committee meeting since Governor Patrick Njoroge was given a second four-year term in office. Inflation rose slightly to 5.70 per cent year-on-year in June from 5.49 per cent a month earlier, data from the statistics office showed, staying within the government’s preferred band of 2.5 per cent-7.5 per cent in the medium term. The government forecasts the economy will expand by 6.3 per cent in 2019, the same rate as a year earlier. The Kenya National Bureau of Statistics said in June the economy grew 5.6 per cent year-on-year in the first quarter, from 6.5 per cent in the same quarter last year. The bank said the current account deficit was expected to narrow to 4.5 per cent of GDP in 2019 from 5.0 per cent last year. In May, the bank had forecast current account deficit would narrow to 4.8 per cent of GDP in 2019.
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