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Relief for borrowers as banks cut lending rates to 17-month low
As borrowers enjoy a relief on lending rates, those who have put their money in banks for a return are taking a hit as lenders continue to reduce the returns on deposits.
The average lending rate for bank loans dropped to a 17-month low of 15.28 percent at the end of June, offering a relief to borrowers as lenders responded to cuts in Central Bank Rate (CBR) and easing cost of funds.
Latest Central Bank of Kenya (CBK) disclosures show the average lending rates have been dropping over the past seven months.
