Central Bank of Kenya: Banks should lower interest rates

Central Bank of Kenya(CBK) Governor Patrick Njoroge responds to questions when he appeared before the Senate Assembly Finance Committee at County Hall, Nairobi on Tuesday 10/11/15 on the Shillings depression.PHOTO:BONIFACE OKENDO

The Central Bank of Kenya (CBK) now wants commercial banks to lower their lending rates to reflect the market conditions and save borrowers from the pain of expensive loan repayments.

CBK Governor Patrick Njoroge said he expects banks to inform borrowers in a matter of weeks of a drop on rates in the same way they have communicated the increment over the past three months.