Trade CS Lee Kinyanjui said that some Kenyan commercial banks have cut lending rates to as low as 12 per cent. Two to three years ago, rates stood at 18 to 19 per cent, Business Today Kenya reported.
Kenya bank lending rates: then and now
2 to 3 years ago (upper figure)19
2 to 3 years ago (lower figure)18
Now (lowest, some banks)12
Source: Business Today Kenya, Trade CS Lee Kinyanjui','vienetai':'%Table
Trade Cabinet Secretary Lee Kinyanjui said that some commercial banks in Kenya have cut their lending rates to as low as 12 per cent. Business Today Kenya reported his remarks on Wednesday.
Kinyanjui said that lending rates stood at 18 to 19 per cent two to three years ago. Business Today Kenya called the drop a significant change. It said Kenyan borrowers could be entering a period of cheaper access to credit.
The report does not name the banks offering the lower rates. It also does not say how many lenders have cut their rates or which loan products are covered.
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