Commercial banks have cut interest rates on loans by just one percentage point over the past year, largely defying a trend of steep cuts on the indicative Central Bank of Kenya (CBK) rate.
An analysis of the overall weighted lending rates of all 38 banks published by the CBK shows that the average interest rate for the industry fell by 1.03 percentage points to 15.78 percent in June from 16.81 percent in July 2024.
