CBK signals costly loans after hiking rates to five-year high

DNFINACCESSSURVEY1512G

Outgoing Central Bank of Kenya (CBK) Governor, Patrick Njoroge. FILE PHOTO | DIANA NGILA | NMG

The Central Bank of Kenya (CBK) has increased the benchmark lending rate to the highest level in five years to curb inflation, signalling costlier loans for homes and businesses.

The Monetary Policy Committee (MPC) increased the CBK rate to 9.5 percent from 8.75 percent, matching the 0.75 percentage rise of September last year that triggered banks to increase lending rates.

PAYE Tax Calculator

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