Kenya's central bank raises benchmark lending rate

by Reuters 3 views0

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

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.