Economics
Kenya’s Central Bank Cuts Key Rate to Lowest in Three Years
- MPC reduced its benchmark interest rate to 9.5% from 10%
- Well-anchored inflation allows scope to support growth: MPC
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Kenyan economic policy makers cut the central bank’s benchmark interest rate for the first time in 18 months as slowing inflation allows room to spur growth.
The Monetary Policy Committee cut its base rate by 50 basis point to 9.5 percent, the lowest level since May 2015. Only two of eight economists in a Bloomberg survey predicted the decision.