Central Bank of Kenya cuts rates despite new credit legislation

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Bank of Kenya celebrates its 50th birthday

Commercial banks in Kenya will have to cut lending rates by a further half a percentage point after the Bank of Kenya lowered interest rates on September 20.

In the second reduction in four months, the bank's monetary policy meeting voted to reduce interest rates by half a percentage point to 10%, in an attempt to encourage credit growth.

"The MPC noted the continued decline in growth of private sector credit which has persisted since the last meeting, posing a risk to economic growth," said

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