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Article: Kenya's central bank cuts lending rate to 8.5 pct

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Xinhua News Agency
Article date:
June 18, 2007
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Kenya's central bank cuts lending rate to 8.5 pct

NAIROBI, June 18 (Xinhua) -- Kenya's central bank on Monday announced it had revised its base lending rate to commercial banks downwards to 8.5 percent from 10 percent in a move to effectively reduce inflationary pressure and stabilize the financial markets.

In a statement, the Central Bank of Kenya (CBK) Governor Njuguna Ndung'u said the 10 percent lending rate to commercial banks was "misaligned" with the needs to lend more money to the commercial banks and was therefore contributing to instability in the financial system.

"The Monetary Policy Advisory Committee (MPAC) held its fifteenth meeting on Wednesday and advised the CBK to set ...

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