Family Bank has increased the cost of borrowing loans after raising the interest rate to 17.55 percent.
The increase comes after the Central Bank of Kenya (CBK) increased its base lending rate from 12.5 percent to 13 percent last month to contain inflation and stabilize the Kenyan shilling, whose value was declining against major global currencies.
“Dear Customer, following the adjustment of the Central Bank Rate (CBR) from 12.5% to 13% on 6th February 2024, we notify you of a revised Family Bank Base Lending Rate of 17.55%, plus a margin based on credit risk, effective from 8th March 2024,” Family Bank says.
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