Central Bank of Kenya challenges banks to lower interest rates

Central Bank has directed all Commercial banks to talk the talk and provide affordable long-term funding to spur economic development. According to the C-B-K Kenya ambitions to attain a growth target of ten percent will remain an illusion if banks maintain the high interest rate regime. Speaking at the annual banking research conference, CBK governor Njuguna Ndung’u challenged lenders to be ready and willing to provide long- term finance with attractive terms. The private sector has over the years been recognized as the engine for economic growth, employment creation and poverty reduction but lack of cheap credit has made it difficult to keep up the momentum. Consistent with vision 2030, the government is expected to contain growth in total expenditures to levels consistent with sustainable debt and gradually reduce domestic debt to create fiscal space through reduced interest payments.

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