Kenya overnight lending rate leaps in unscheduled move

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The Central Bank of Kenya on Wednesday significantly raised its overnight lending rate to 8%, 175 basis points above the benchmark central bank rate.

In the past, the central bank had used the benchmark central bank rate, which is the minimum interest rate charged on loans to a commercial bank and is reviewed by the monetary policy committee every two months, as the overnight lending rate.

The change was unscheduled, but will come as good news in a country where the currency, the shilling, has l

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