Kenyans have received a major blow after the Central Bank of Kenya (CBK) increased the base lending rate to 12.5%.
The initial rate was 10.5%. the increase represents a change of 2%.
CBK blames exchange rate depreciation which it said was exerting upward pressure on domestic prices and the rising of public sector external debt service.
This increase now makes it difficult to have cheaper and affordable credit as households continue to struggle with the high cost of living.
