CBK raises cost of loans to rein in inflation

The Central Bank of Kenya. PHOTO | DENNIS ONSONGO | NMG

The Central Bank of Kenya has signalled lenders to raise borrowing costs in a bid to rein in expectations of runaway inflation amid weakening shilling in a net import economy.

The bank’s Monetary Policy Committee (MPC), the top-decision-making organ tasked with stabilising prices, yesterday raised the benchmark interest rate by 50 basis points to 8.75 per cent.

PAYE Tax Calculator

Note: The results are not exact but very close to the actual.