×
App Icon
The Standard e-Paper
Read Offline Anywhere
★★★★ - on Play Store
Download Now

Banks react to Central Bank Rate increase with loan hikes

Vocalize Pre-Player Loader

Audio By Vocalize

CBK Governor Kamau Thugge when he appeared before the Senate Finance and Budget Committee at Parliament on December 4, 2023. [Boniface Okendo, Standard]

Banks have started steeply increasing the cost of loans, with projections that interest rates could cross unprecedented levels of above 30 per cent, a record rate last witnessed two decades ago.

This is expected to leave borrowers with a massive debt servicing burden when the high cost of living is already squeezing Kenyans hard.

Premium Article

Get Full Access for Ksh299/Week.

Bold Reporting Takes Time, Courage and Investment. Stand With Us.
Continue Reading  →
What you get
  • Unlimited access to all premium content
  • Ad-free browsing experience
  • Mobile-optimised reading
  • Weekly newsletters & digests
Pay via
M - PESA
VISA
Airtel Money
Secure Payments Kenya's most trusted newsroom since 1902
By John Kamau 14 hrs ago
Opinion
Fraud-proof by design: AI's role in fighting economic crime
By Brian Ngugi 14 hrs ago
Business
World Bank tips Kenya on jobs to reverse flagging economic fortunes
Business
Science, technology key to reviving Kenya's coffee sector
Business
NCBA bank launches 2026 Johari awards in Western Kenya as asset finance demand grows