Kenya central bank cuts interest rate for first time in four years

NAIROBI, Aug 7: Kenya's central bank trimmed Tuesday its main interest rate for the first time in four years, citing easing inflationary pressures, as the government struggles to raise revenue and service its public debt following deadly protestors over tax hikes. 

The bank's monetary policy committee (MPC) cut its main interest rate by a quarter percentage point to 12.75 percent.

"The MPC noted that its previous measures have lowered overall inflation to below the mid-point of the target range, stabilized the exchange rate, and anchored inflationary expectations," the bank's governor and chairman of the MPC, Kamau Thugge, said in a statement.    —AFP