Shilling stabilses after Central Bank rate cut

The shilling was steady yesterday following an interest rate cut which traders said had been largely priced in after the Central Bank delayed its policy meeting by 24 hours until yesterday. Leading commercial banks quoted the shilling at 83.80/84.00 per dollar , the same level it closed at on Tuesday before the announcement of a one percentage point cut to 8.5 percent in the benchmark lending rate. Traders said the local currency is likely to firm on dollar inflows into the debt market. "Much of the market had factored in a cut," said a trader at one commercial bank. "But I expect offshore...