Kenyan banks record Sh45 billion loss in one day

KBA chief executive Habil Olaka (centre) addressing journalists yesterday. With him are Nuru Mugambi, KBA Director of Communications (left) and Jared Osoro, KBA Director of Research. [PHOTO: WILBERFORCE OKWIRI/Standard]

Listed banks lost more than Sh45 billion from their cumulative worth within hours of a new era in banking where interest rates are regulated.

Panicky investors rushed to sell their shares with supply outstripping demand, as the impact of President Uhuru Kenyatta's decision began to sink in.