Interest rates on bank loans race past 26pc in fresh review

The Central Bank of Kenya in Nairobi County on January 28, 2024. FILE PHOTO | DENNIS ONSONGO | NMG

Commercial banks are now charging more than 26 percent interest on loans in another round of credit repricing that signals more pain for risky borrowers amid a surge in defaults.

Tier I lender Equity Bank has, for instance, set 26.74 percent as the lending rate for new loans to high-risk borrowers from a previous peak of 26.06 percent.

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