Two commercial banks on Tuesday moved with speed to put their lending rates in line with the Central Bank of Kenya’s (CBK) Monday decision to cut the benchmark rate by 0.5 per cent. Co-operative Bank of Kenya #ticker:COOP and KCB Group #ticker:KCB said they had immediately cut lending rates for new loans in a move that could force their rivals to follow suit.
The lenders said new loans would be priced at the new maximum rate of 13.5 per cent beginning March 20, offering immediate relief to customers.
