Category Archives: Interest Rates

Is the era of Personal Loans Over?

The Central Bank Governor, Dr. Andrew K. Mullei, was on KTN last night announcing that he was going to raise interest rates to slow down the growth of private sector credit, and by extension inflation.

He however decried that Bank’s had raised their lending rates too quickly (at least five bank’s announced interest rate hikes this week of about 2%).

Rising Interest Rates

In today’s newspapers, interest rates are going up: Victoria Bank 13%, I&M Bank 13% (up from 11%), and CFC Bank 13.5%, effective 1st December.

In line with the Finance Bill of 2003, banks must notify their customers when changing rates or charges.