Central bank raises rates to 9.5% and says inflation likely to remain elevated in near term
Kenya’s central bank surprised financial markets by raising borrowing costs to an almost five-year high because of sustained inflationary pressures. Bonds gained.
The monetary policy committee increased its benchmark rate to 9.5% from 8.75%, governor Patrick Njoroge, who presided over his second last MPC meeting before his term ends in June, said in a statement on Wednesday. That was more than the median estimate of six economists in a Bloomberg survey, who forecast a 25 basis point increase. It was the fourth hike since last year. ..
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