Kenya's central bank cut its benchmark lending rate to 12.0% on Tuesday, the bank's monetary policy committee announced.

The monetary policy committee's decision to adjust the rate is part of the central bank's strategy to influence borrowing costs in the country. The new rate is intended to impact various financial activities, including loans offered by banking institutions to businesses and individuals

The adjustment of the key interest rate by the central bank is a key financial development that will likely have implications for the Kenyan economy. It affects the rates banks will charge for loans, which can influence consumer and business spending and investments

The central bank did not provide additional details regarding the reasons for the rate cut or its expected impact on the wider economy. Adjusting the key rate is an important decision by the Central Bank of Kenya, and additional information may be available in future statements or data releases.