The Central Bank of Kenya (CBK) has raised borrowing costs to highs last seen nearly 12 years ago, as it moved to contain stubborn inflation and pull a handbrake on the free fall of the Kenya shilling.
The banking sector regulator on Tuesday increased its base lending rate by 50 basis points from 12.5 percent to 13 percent, a level last witnessed in the sunset years of President Mwai Kibaki’s administration.
