Thursday, July 30, 2020

Banks' Base Lending Rate maintained at 7 percent

    July 30, 2020   No comments

Central Bank's Monetary Policy Committee (MPC) met on Wednesday as promised amid the prevailing economic slowdown as caused by Coronavirus pandemic.

MPC agreed to maintain the Central Bank Rate (CBR) which is the commercial banks base lending rate at 7 percent .

Regulated commercial banks will therefore charge interest rates on loans in reference to the provided CBR.

The committee reached at this conclusion after seeing that the mitigating ways deployed in March are still producing the intended effect.

In March, banks were directed to restructure loans to deserving customers, waive mobile to bank and bank to mobile transfer fees among other emergency mitigation measures..

Mwabaya Katana

About Mwabaya Katana

Mwabaya is an experienced and talented finance content creator based in Kenya. He is the Founder of Loans Kenya Blog.

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