Kenyan central bank cuts benchmark rate to spur lending to private sector

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The Central Bank of Kenya (CBK) on Tuesday reduced its benchmark lending rate to 9.75 percent from 10 percent to stimulate lending to the private sector.

CBK Governor Kamau Thugge, who chaired the Monetary Policy Committee (MPC) meeting in Nairobi, the capital of Kenya, said that there was scope for a further easing of the monetary policy stance to augment the previous policy actions aimed at catalyzing growth in commercial bank lending to the private sector and supporting economic activity, while ensuring inflationary expectations remain firmly anchored.