Central Bank of Kenya cuts rates despite new credit legislation
Commercial banks to amend lending rates again following a cut in interest rates
Commercial banks in Kenya will have to cut lending rates by a further half a percentage point after the Bank of Kenya lowered interest rates on September 20.
In the second reduction in four months, the bank's monetary policy meeting voted to reduce interest rates by half a percentage point to 10%, in an attempt to encourage credit growth.
"The MPC noted the continued decline in growth of private sector credit which has persisted since the last meeting, posing a risk to economic growth," said
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