Kenyan banks to lower interest rates following pressure from the Central Bank

Kenyan commercial banks will lower lending rates beginning December 2024, following increased pressure from the Central Bank of Kenya (CBK). Last week, the CBK’s Monetary Policy Committee reduced the benchmark rate by 75 basis points to 11.75%, the lowest level since the Covid-19 pandemic.”

Despite three successive rate cuts, the gap between the Central Bank Rate (CBR) and lending rates…