Commercial banks have raised their base lending rates for the seventh straight month to close June at 13.31 percent, pointing to costly credit for borrowers in the wake of the Central Bank of Kenya (CBK) rate hikes and rising returns on government paper.
Latest data from the CBK show the average lending rate rose from May’s 13.21 percent to continue the upward trend that started in December when rates jumped to 12.67 percent from 12.36 percent.
