Kenyan private sector activity expanded at a slightly slower pace in May than the previous month as companies' costs remained high, a survey showed yesterday. The Central Bank cut its benchmark lending rate by 100 basis points to 10.5 per cent on May 21. The Markit CfC Stanbic Kenya Purchasing Managers' Index edged down to 54 last month from 54.8 in April, although it remained well above the 50 mark that denotes growth. The recent easing of the monetary policy stance is thus a good move in order to kick-start economic activity," said Jibran Qureishi, regional economist for East Africa at CfC Stanbic Bank. "The PMI has expanded much more softly than previous quarters.

Source: The Star June 07, 2016 03:45 UTC