| Kenya Commercial Lending Rates to Fall: Central Bank |
| News - Africa |
| Written by Helen Nyambura-Mwaura - Reuters |
| Tuesday, 04 August 2009 07:38 |
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NAIROBI (Reuters) - Kenyan commercial bank lending rates will come down following a Monetary Policy Committee decision to cut a key rate and reduce the amount of cash that banks need to hold, the central bank governor said on Monday.
The bank cut its key lending rate in July, to 7.75 percent, for the fourth time since December and lowered the cash reserve ratio for banks to 4.5 percent from 5 percent to inject liquidity into the economy. "The lending rates will decline in commercial banks to allow for credit expansion and lending to the private sector. This will come sooner or later," governor Njuguna Ndung'u told Reuters. |