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Banks rush to retain clients by lowering interest rates

CFC Stanbic Bank became the first lender to cut rates for all loans both new and existing to 14.5 percent in line with the new law capping interest rates at no more than 4 percent of the Central Bank Rate.
KCB, which had earlier announced a reduction to new loans, followed suit in a statement saying they too will pass the benefits of the new law to its clients as they work closely with the Central Bank on the final regulation.
The final word from Central Bank is expected within the next two weeks with today marking the official day the law should be gazzetted.

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