Kenya reverses rate decision
The Central Bank of Kenya has reversed an interest rate hike and imposed restrictions on lending from its discount window in an attempt to stem inflation and reduce distortions in money markets.
On Tuesday, the central bank unexpectedly reduced its overnight discount rate by 175 basis points, from 8% to 6.25%; only two weeks after the central bank raised it to 8%. The central bank also imposed a condition on its discount window to restrict the amount of money banks can borrow. Banks lending on
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