Equity Bank has announced plans to reduce loan interest rates following the Central Bank of Kenya (CBK) adjustment of the base lending rates.....CLICK HERE TO READ THE FULL ARTICLE>>>
Speaking during the release of the half-year financial results for the financial Year 2024, Equity Group CEO James Mwangi announced that customers can expect a reduction in interest rates. The CEO explained that the bank would reduce the interest rates by almost double the reduction by the CBK.
“Our customers and members should anticipate a reduction in their interest rates. This is informed by the fact that on the 6th of August, the central bank adjusted its rate from 13% to 12.75%, a reduction of 0.25%…Our customers can look for a reduction almost double the reduction of the central bank of approximately 0.4%. That brings in more and greater affordability,” Mwangi said.
“We shall pass the benefit of reduced interest rates by CBK to our customers and we hope to see increased uptake of credit products,” he added.
The lender noted that loans set for food and agriculture have increased from 3% to 16%, highlighting increased investments in agriculture.
The Monetary Policy Committee (MPC) convened on August 6, 2024, and decided to reduce the Central Bank Rate (CBR) to 12.75%.
The MPC observed that its previous actions had successfully brought overall inflation below the mid-point of the target range, stabilised the exchange rate, and anchored inflationary expectations.
Additionally, the committee noted a moderation in non-food-non-fuel inflation and highlighted that central banks in advanced economies had lowered interest rates due to easing inflationary pressures, with others likely to follow suit…CONTINUE READING>>
