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President William Ruto has urged local banks to lower interest rates and make loans more accessible to Micro, Small, and Medium-sized Enterprises to stimulate economic growth. President Ruto is concerned that despite the Central Bank of Kenya lowering the benchmark lending rate to 12 percent, commercial banks are charging as high as 20 percent interest on loans.
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Pres Ruto urges local banks to lower interest rates and make loans accesssible to MSMEs
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