There is more rigidity in wages in a recession (in Europe) and that is an important factor and that is why I never really feared we would have actual deflation in Europe. Wages will not be as flexible down as they were in Japan. Most of euro area GDP comes from services and inflation in services is basically about wage developments.
•  Net advances increased from Ksh.222.8 billion to Ksh.1.27 trillion,  •  Profit before tax of Ksh.5.8 billion increased to Ksh.107 billion. •  The number of bank accounts has increased from 1.9 million accounts to 17.6 million. •  Deposit insurance has evolved to cover fully 94% of the total deposit accounts.