CBK hits borrowers with highest loan rate in 12 years

Central Bank of Kenya (CBK) Governor Kamau Thugge.  

Photo credit: File | Nation Media Group

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.

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