CBK hits borrowers with highest loan rate in 12 years

Central Bank of Kenya (CBK) Governor Kamau Thugge. FILE PHOTO | DENNIS ONSONGO | NMG   

By KEPHA MUIRURI More by this Author

The Central Bank of Kenya (CBK) has raised borrowing costs to highs last seen nearly 12 years ago, as it moved to

contain stubborn inflation and pull a handbrake on the free fall of the Kenya shilling.

The banking sector regulator on Tuesday increased its base lending rate by 50 basis points from 12.5 percent to 13 percent, a level last witnessed in the sunset years of President Mwai Kibaki’s administration.

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