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CBK says to step-up purge on banks not lowering interest rates
The Central Bank of Kenya in Nairobi. The expectation by some investors was that the CBK would yield to pressure and start accepting pricier bids in order to meet the expanded target. It did not.
The Central Bank of Kenya (CBK) has warned of a stiffer fine against commercial banks that failed to cut their interest rates in line with its indicative lending rate to unlock cheaper credit.
CBK Governor Kamau Thugge told the National Assembly Finance and National Planning Committee that any lender found to be culpable of withholding benefits of reduced lending costs to borrowers will be penalised.
