Relief for borrowers as CBK cuts benchmark rate by 1pc

Central Bank of Kenya (CBK) Governor Patrick Njoroge. Borrowers should expect cheaper loans from August after the Central Bank of Kenya (CBK) cut the lending referencerate by nearly one per cent yesterday. (PHOTO: COURTESY)

Borrowers should expect cheaper loans from August after the Central Bank of Kenya (CBK) cut the lending referencerate by nearly one per cent yesterday.

The rate cut came after depressed loans appetite from the private sector since the start of the year, with commercial banks finding themselves stuck with huge cash amounts.