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NCBA Bank hikes lending rates amid economic challenges

Brian Murimi by Brian Murimi
April 22, 2024
in News
Reading Time: 1 min read

NCBA Bank Kenya has announced an adjustment in its Base Lending Rates (BLR) against the backdrop of ongoing changes in the macroeconomic environment.

Effective immediately, the Kenya Shillings Base Lending Rate will rise from 16.50% per annum to 17.50% per annum, while the United States Dollars Base Lending Rate will increase from 11.0% per annum to 11.75% per annum.

The new rates will impact various types of loan facilities differently. Fixed-rate loans will remain unaffected by the changes. However, for variable-rate loans priced off NCBA Bank’s Base Lending Rate, borrowers can expect an increase of 1.0% per annum for loans denominated in Kenyan Shillings and 0.75% per annum for loans in United States Dollars, effective May 21, 2024.

Explaining the rationale behind the rate adjustments, NCBA Bank Kenya stated, “In view of the ongoing changes in the macroeconomic environment, we have revised our Base Lending Rates to reflect the current market conditions. These changes are essential to ensure the continued sustainability and stability of our lending operations.”

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For customers with new loan facilities, the revised Base Lending Rates will apply immediately. Despite the rate changes, all other terms and conditions of existing loan facilities will remain unchanged.

The announcement from NCBA Bank Kenya comes at a time when the macroeconomic landscape is witnessing shifts that have implications for borrowing costs and financial stability. Rising lending rates could potentially curb borrowing appetite among consumers and businesses, impacting economic growth and investment.

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Brian Murimi

Brian Murimi

Brian Murimi is a journalist with major interests in covering tech, corporates, startups and business news. When he's not writing, you can find him gaming, watching football or sipping a nice cup of tea. Send tips via bireri@thesharpdaily.com

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