Average lending rate crosses 13pc for first time since 2018

The average commercial bank lending rate breached the 13 percent mark for the first time since July 2018 in the wake of the Central Bank of Kenya (CBK) benchmark rate hikes and rising yields on government paper.

CBK data show lending rates jumped from 12.77 percent in January to 13.06 percent in February—the highest level in 58 months.