Banks slashed interest on deposits to an average 25-month low of 8.37 percent in June, a reversal from the past two years when they had been raising returns to attract savers.
Analysis of data from the Central Bank of Kenya (CBK) reveals that the June rate declined from 8.7 percent in May, edging closer to the July 2023 average of 8.1 percent. The recent deposit rate marks the fifth time the figure has fallen below double digits.
