Kenya expects to receive more money from the International Monetary Fund (IMF) by the end of the year, Central Bank of Kenya Governor Kamau Thugge said on Wednesday. The East African country and the IMF reached a staff-level agreement on the seventh review of its $3.

Kenya’s central bank is set to cut interest rates at a second straight meeting for the first time since the Covid-19 pandemic spurred an easing cycle four years ago.

The Kenyan interest rate has been cut by a large margin, the like of which was last seen during the global pandemic. The Kenyan economy has been on a recovery path given its steadily declining inflation levels since the year began.

Kenya's central bank cut its benchmark lending rate to 12.00% on Tuesday, from 12.75%, the bank's monetary policy committee (MPC) said, adding that the move was aimed at boosting credit to the private sector.