Kenya cuts by 75 basis points

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The Central Bank of Kenya on Tuesday cut its key central-bank rate from 7.75% to 7% in a bid to support the economy's nascent economic recovery.

The majority of economists had expected a smaller cut.

The central bank struck an upbeat tone, saying it regarded the banking sector as stable and credit risk as waning. A wide range of indicators signalled an economic recovery, and rises in the prices of tea and coffee would spur a rural recovery.

The central bank said credit activity was picking up a

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