CBK vows to ensure banks slash rates

Kenya Bankers Association CEO Habil Olaka during a press conference on regulation of the banking industry in the country. CBK has said it will 'keenly' follow up to ensure that commercial banks live up to their promise to cut interest rates. (PHOTO: DAVID NJAAGA/ STANDARD)

Central Bank of Kenya (CBK) has said it will 'keenly' follow up to ensure that commercial banks live up to their promise to cut interest rates.

In a statement issued following the signing of a Memorandum of Understanding (MoU) on Wednesday, CBK Governor Patrick Njoroge said the promise made by lenders was the first on a long list of measures that would result in cheaper credit.