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Now State shuns domestic market to tame soaring interest rates

Treasury Cabinet Secretary Henry Rotich. He indicated the State may go for syndicated loans as they are cheaper. [PHOTO:FILE/STANDARD]

Kenya has slammed brakes on borrowing from the domestic markets in a new measure that could contain the spiralling interest rates.

Instead, National Treasury Cabinet Secretary Henry Rotich plans to borrow internationally - possibly through another syndicated loan. And early yesterday, the international banks confirmed that they had actually wired Sh60 billion ($600 million) into the Government’s bank accounts.

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