The Central Bank of Kenya yesterday raised its key lending rate by 150 basis points to its highest ever level of 18 per cent.
Persistent inflation driven by the amount of credit available to the private sector and the threat of the euro zone crisis to the stability of the shilling was cited for the rate hike. "The Committee noted that since inflation continued to rise in November and other policy measures, including the Cash Reserve Ratio raised in the last Mpc meeting were still transmitting through the market, it was necessary to enhance these monetary actions,"
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