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Central Bank of Kenya (CBK) yesterday cut further the benchmark lending rate to seven per cent as it moved to inject more liquidity into an economy that has been ravaged by Covid-19 pandemic.
On March 24, the Monetary Policy Committee (MPC), CBK’s highest decision-making organ, cut the Central Bank Rate (CBR) by one percentage point, signalling banks to provide cheap credit to borrowers distressed by the novel coronavirus.
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