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The cost of bank loans is set to worsen from next month following CBK's move to hike the benchmark central lending rate from the previous 8.75% held in November last year to 9.5%. This could see the private sector lending decline further. The adjustment by CBK is aimed at matching the inflation rate which hit 9.2% in February. At the same time, CBK Governor Dr. Patrick Njoroge says the cost of living could be further elevated in coming months with the prices of agricultural produce set to shoot even further.
CBK raises lending rate from 8.75% to 9.5%
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