The Central Bank of Kenya (CBK) will raise its key policy interest rate by 25 basis points to 9.00% later on Wednesday in its latest move to brake still-rising inflation, a Reuters poll predicted.
A slight majority, six of 11 analysts surveyed March 21-28, predicted a 25-basis-point lift. Three said the CBK would hold steady, while one forecast a 50-basis-point increase and another expected a 125-basis point-jump to 10.00%.
"The central bank will have to tighten policy further if it is to tame rampant inflation, while the U.S. 's recent policy hike will also weigh on Kenyan policymakers' minds," said Shani Smit-Lengton at Oxford Economics. Central banks in emerging markets have conducted aggressive monetary policy tightening in the past 18 months to halt rising inflation against a backdrop of a strong U.S. dollar compared to their local currencies, notably that of continental peer Ghana.Kenya's policy has been somewhat less hawkish in the continent despite inflation remaining stubbornly sticky.
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