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It will now cost you more to service your loan or access a new one. This is after the Central Bank of Kenya (CBK) increased its benchmark lending rate by 50 basis points to 8.75 per cent - the highest in over three years.
It is the second time in a row that the Monetary Policy Committee, the CBK's decision-making organ, has increased the Central Bank Rate (CBR) in a bid to tame runaway inflation and the weakening of the shilling.
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