Cost of loans falls to lowest rate since 2005
Fresh data from the Central Bank of Kenya (CBK) shows that lending rates averaged 12.19 percent in February, the lowest since January 2005 when it stood at 12.12 percent during the reign of former governor Andrew Mullei.
Kenya in November scrapped the cap on commercial lending rates, which had been blamed for stalling lending to small businesses and individuals. The removal of the legal cap led to fears of a likely to return to the era of high lending rates, which had at one point hit a high of up to 25 percent.