DUBAI — Kenya’s central bank governor said yesterday he expected inflation of around 5% in 2018 and going forward.
“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 would be removed, but timing of the move was uncertain.
Kenya capped commercial lending rates a year ago at four percentage points above the central bank rate, which stands at 10%, and also imposed a minimum deposit rate of 70% of the central bank rate.