Kenyans are set to pay more on loans after the Central Bank of Kenya (CBK) increased the base lending rate to 12.5 percent from 10 percent.
CBK blames exchange rate depreciation, which it said was exerting upward pressure on domestic prices and the rising of public sector external debt service.
The upward revision now complicates efforts to have cheaper and affordable credit as households continue to struggle with the high cost of living.
Did you read this?
