My guess is also for rates to remain unchanged. But I'm curious to see movement of Dec 2016 Private Sector Credit Growth. If it dips below 5%, how do you cut rates and risk an economic slow down? If it rebounds to ~10%, then you have slightly more leeway to increase rates...

Extreme testing is the key here, lower the rates and be sure next time what to expect, by the way who is complaining. When the banks were busy wringing the last remaining drop of blood off the host, the host kicked relentlessly, the economy was at banks mercies. Now the rates have been capped and CBR is lower, the banks are alive and kicking. Profits are strolling in. Better approaches to lending are being suggested, Meriting creditors are getting the credit. Nonmeriting are busy cleaning up their mess and getting cleansed off the vice. What else does anybody need anyday if not peace of mind. Leave the chickening out of the game cause the sky has always been falling. My ten cents.
GoK could as well bring in another eurobond or introduce NIR to waken the smelling money in the banks.

"The banking sector recorded notable growth in 2016, with an expanded asset base, increased capitalization, and improved profitability. The average commercial banks’ liquidity ratio and capital adequacy ratios stood at 41.4 percent and 18.7 percent, respectively, in December 2016. Private sector credit growth stabilized at 4.3 percent in December, 2016 driven by lending to trade, real estate, private households and consumer durables."

How do you square the above statement with the constant refrain, mostly from the Wazua Banksters brigade, that the sky is about to fall on our noggins? What are they smoking?

They are feeling some heat somewhere, and its about to get even nastier. You can not have it all your way, eti all sweet things are mine. Hata kachumbari ni chakula bora kwa ujenzi wa economy yawa