Nairobi Kenya: Central Bank of Kenya expects commercial lending rates to fall and
the pace of private sector credit growth to pick up this year as the
economy rebounds from an election-related slowdown, its governor said on
Tuesday 4th June 2013.
An aggressive tightening of monetary policy to
tackle rampant inflation that began in mid-2011, and a slowdown in
economic activity ahead of the presidential vote in March, saw annual
credit growth fall to about 12 percent in February 2013 from 35 percent
in late 2011.
After the poll’s disputed outcome was settled peacefully
in court, the government now expects economic growth to accelerate to
six percent this year from 4.6 percent in 2012.
“As the economy recovers and growth picks up, private sector credit will pick up as well,” Njuguna Ndung’u said.
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