Only five of Kenya’s 38 banks had cut lending rates to match the reduction of the benchmark rate by the Central Bank of Kenya (CBK) at the end of February amid threats of daily fines.
Between August 6 and February 5, the CBK cut the benchmark rate or central bank rate (CBR) four times by 2.25 percentage points to 10.75 percent from a 22-year high of 13 percent that lasted about seven months.
