Kenya Key Rate Dips Below Uganda’s for First Time Since 2023

Kenya’s benchmark interest rate fell below neighboring Uganda’s for the first time since 2023, signaling a greater emphasis in Nairobi to stimulate economic growth.

The two nations’ central banks announced rate decisions on Tuesday, with Kenya’s monetary policy committee lowering the rate by 25 basis points to 9.5%, and Uganda holding its at 9.75%. Both moves were expected by economists surveyed by Bloomberg.