Kenya’s central bank reduced its benchmark lending rate by 25 basis points to 9.0% this Tuesday, saying there was scope for further easing to stimulate lending by banks to the private sector.

It was the bank’s ninth rate cut in a row.

“This will augment the previous policy actions aimed at supporting economic activity, while ensuring inflationary expectations remain firmly anchored, and the exchange rate remains stable,” the Central Bank of Kenya said in a statement.

Kenya’s inflation was at 4.5% year-on-year in November, slightly lower than the previous month’s reading of 4.6% and within the 2.5%-7.5% target band.

–Reuters–