Kenya's central bank raises benchmark lending rate - CNBC Africa

Kenya's central bank raises benchmark lending rate

East Africa

by Reuters 0

Kenya's central bank raised its benchmark lending rate by 150 basis points. PHOTO: Getty

Kenya's central bank raised its benchmark lending rate by 150 basis points to 10 per cent on Tuesday, a slightly higher increment than market expectations of action to support the battered shilling.

The increase was the first rate change in two years - when rates were lowered - and follows a slump in the currency to fresh 3-1/2 year lows that prompted the Monetary Policy Committee to bring its rate meeting forward by a month.

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