World Bank Group2015-11-112015-11-112015-06-01https://hdl.handle.net/10986/22955Kenya’s economic performance remains solid, underpinned by strong infrastructure spending and consumer demand, which are driving growth. Growth in 2015 is estimated at 5.4 percent, a 0.6 percent downward revision from its estimate in December 2014. The revision reflects the strong headwinds the economy is facing in the foreign exchange market and the monetary policy response to calm those fears.en-USCC BY 3.0 IGOAUCTIONMONETARY POLICYHOLDINGEQUIPMENTACCOUNTINGDEPOSITSLONG-TERM INTERESTLOCAL INFRASTRUCTUREGLOBAL MARKETSADMINISTRATION OF JUSTICEINTERESTINFLATIONARY EXPECTATIONSLONG-TERM CAPITALPRIVATE CREDITDOMESTIC MARKETTOTAL DEBTREVENUESPORTFOLIOFISCAL POLICYDEVALUATIONCAPACITY BUILDINGCREDITWORTHINESSPUBLIC BORROWINGTREASURY BILLHUMAN RESOURCEOIL PRICESINVESTMENT SPENDINGINDEBTEDNESSCURRENCYLEGAL PROVISIONSEXPORT GROWTHBANK ASSETSDOLLAR PRICEINCOME INEQUALITYFINANCESBANK DEBTMONETARY FUNDDEBTINFLATIONARY PRESSUREMARKETSLOCAL GOVERNMENTFINANCIAL FLOWSBOND ISSUEPUBLIC FINANCEBUDGET DEFICITDOMESTIC DEBTSHORT-TERM CAPITALNATIONAL TREASURYEQUITIESRECURRENT EXPENDITURELEGAL FRAMEWORKBANKING SECTORFISCAL DEFICITTRANSACTIONSEMERGING MARKETSMACROECONOMIC ENVIRONMENTNATIONAL SECURITYMACROECONOMIC INSTABILITYFEDERAL RESERVEINTEREST PAYMENTSGOODGOVERNMENT BUDGETINTERNATIONAL TRADETRANSPARENCYCOUNTRY RISKLONG-TERM INTEREST RATEFUTURELIQUIDITY RATIOSMARKET PRICESCAPACITY CONSTRAINTSEXCHANGESEQUITY FUNDSGOVERNMENT EXPENDITUREINCOME SECURITIESINVESTMENT PROJECTSINSTITUTIONAL CAPACITYSHARESREAL EXCHANGE RATELOCAL CURRENCYMONEY MARKETSDEBT RATIOSSECURITIESPUBLIC DEBTBALANCE OF PAYMENTTREASURYPRIVATE DEBTINSURANCECURRENCIESMACROECONOMIC VOLATILITYEUROBONDLENDING INTEREST RATECOMMERCIAL BANKSPUBLIC FINANCESLENDINGTRUST FUNDFISCAL DISCIPLINEREMITTANCESCAPITAL INVESTMENTPORTFOLIO FLOWSLIABILITIESGOVERNMENT ACCOUNTSRISK ASSESSMENTSCAPITAL ACCOUNTHUMAN DEVELOPMENTINVESTINGINFORMATION DISSEMINATIONTERRORISMDEFICITDEPOSITBASIS POINTSCONSUMER DURABLESGOVERNMENT EXPENDITURESOIL PRICEINTEREST RATE SPREADFOREIGN DIRECT INVESTMENTSFINANCIAL MANAGEMENTSTOCKFOREIGN INVESTORSBANK RATEINFORMATION SYSTEMFOREIGN EXCHANGE MARKETDOMESTIC BORROWINGGOVERNMENT INVESTMENTSMACROECONOMIC MANAGEMENTDEBT STOCKGOVERNMENT SPENDINGEMERGING ECONOMIESINTEREST RATEEXCHANGESTOCK MARKETBALANCE OF PAYMENTSBANKING SYSTEMLOCAL GOVERNMENTSISSUANCESMACROECONOMIC POLICYLIQUIDITYNATIONAL SAVINGSGOVERNMENT CAPACITYTREASURY BILL RATESTAXINCOME TAXBUDGETINGRESERVEBENEFICIARIESINFLATIONENABLING ENVIRONMENTDEFICIT FINANCINGFISCAL CONSTRAINTSBUDGETCENTRAL BANKINTERNATIONAL FINANCEPOLICY RESPONSEGOVERNMENT LEGISLATIONINFLATIONARY PRESSURESTRADINGINTEREST RATESMACROECONOMIC RISKSSOVEREIGN BONDEXTERNAL INDEBTEDNESSPRIVATE INVESTMENTRETURNDEFICITSINTERNATIONAL DEVELOPMENTDIRECT INVESTMENTLOANSRESERVESINVENTORIESGROSS DOMESTIC PRODUCTRULE OF LAWFINANCEFOREIGN CURRENCYMARKET PRICETAXESACCESS TO INFORMATIONEXPENDITUREGOVERNMENT SECURITIESINFRASTRUCTURE INVESTMENTEQUITYPOTENTIAL INVESTORSTRANSACTIONINVESTORSFOREIGN EXCHANGE RESERVESFRAUDPRIVATE SECTOR CREDITSAVINGS RATEPENSIONSRETURNSLOCAL MARKETBUDGETSPURCHASING POWERLONG-TERM INTEREST RATESGOVERNMENT REVENUEEXPENDITURESCAPITAL FLOWSPROPERTYCURRENT ACCOUNT DEFICITBALANCE SHEETMARKETFOREIGN EXCHANGELEVYINTERESTSCURRENCY DEPRECIATIONGOODSSECURITIES EXCHANGEFIXED ASSETSSECURITYEQUITY MARKETSSTOCK EXCHANGEINVESTMENTBONDSHAREINTERNAL AUDITINVESTMENT CLIMATEPOVERTYFINANCIAL MARKETSTARIFFPOLITICAL STABILITYCAPITAL INFLOWSDECENTRALIZATIONREVENUEMONEY MARKETEXTERNAL DEBTLEVIESINVESTMENTSTREASURY BILL RATECREDIT GROWTHEXCHANGE RATEBUDGET REVIEWDIRECT INVESTMENTSDURABLESINTERNATIONAL INVESTORSNONPERFORMING LOANSINTEREST RATE DIFFERENTIALSReportWorld Bank10.1596/22955