Act to save Kenyans from high bank interest rates

Prices have skyrocketed and they are likely to keep rising with the ongoing war in Ukraine which has disrupted the supply chain of items such as fuel, wheat, and fertiliser. [iStockphoto]

A lot of banks have started increasing their internal base lending rates, which means that the cost of money or interest rates charged on loans will also increase.

The increase follows a decision by the Central Bank of Kenya (CBK), the financial regulator that is also charged with maintaining price stability, to increase its benchmark lending rate from seven per cent per annum to 8.25 per cent per annum.