Kenya central bank cuts main lending rate to 9.5%

PUBLISHED: Mon, 19 Mar 2018 17:20:48 GMT

Kenya’s central bank cut its benchmark lending rate by 50 basis points to 9.5 percent on Monday, the bank’s monetary policy committee said, the first cut since September 2016.

Seven out of 11 analysts polled by Reuters expected the committee to hold the rates. The committee, however, said inflation was well anchored and economic growth was not meeting its potential.

“There was scope for easing its monetary policy stance in order to support economic activity,” it said in a statement.

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