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Banks slash returns on deposits to 15-month low
CBK lowered the CBR thrice by a cumulative 2.25 percentage points to 10.75 percent, from a 22-year high of 13 percent between February 6 and August 5 last year.
Banks cut interest on deposits to an average 15-month low of 9.76 percent in February, signalling the continued reversal from the past two years when they were increasing the returns to attract savers.
The latest Central Bank of Kenya (CBK) data shows the February rate was a decline from 10.05 percent in January, moving closer to the November 2023 average of 9.48 percent. The latest deposit rate is also the first time in 15 months that the figure has fallen below double digits.
