Relief for borrowers as MPC cuts the cost of loans

Central Bank of Kenya (CBK) governor Patrick Njoroge. FILE PHOTO | NMG

The Central Bank of Kenya (CBK) Monday cut the benchmark lending rate by 0.5 percentage point, signalling a looming drop in the cost of loans by a similar margin and offering relief to millions of borrowers.

It is the first time that the CBK has cut the signal rate since legal caps were introduced on the cost of credit one and a half years ago.

PAYE Tax Calculator

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