Kenya's central bank cuts key rate to 8.5%

The Central Bank of Kenya cut one of its key interest rates to 8.5 from 10% in an attempt move it further in line with other policy rates.

According to a statement of the central bank, its Monetary Policy Advisory Committee considered the 10% charged on the CBR rate to be "out of line with the market outcomes of interbank, repo and treasury bills".

The Central Bank of Kenya first introduced to the CBR in 2006 as the rate it lends money to commercial banks as a last resort. Since then the centra