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Lenders raise interest on loans despite CBK holding key rate

Saving money concept. [Getty Images]

Kenyans looking to borrow money or servicing existing loans are bracing for tough times ahead after the country's big banks started a fresh round of raising lending rates yesterday in response to what they term a tough economic climate.

The move will, in turn, make loans more expensive, squeezing budgets and dampening investment, analysts said.

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