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Recently, the Central Bank of Kenya retained the benchmark lending rate at 8.75 per cent. [File, Standard]
A petition has been filed at the High Court seeking to stop commercial banks from unilaterally increasing interest rates, default charges and other loan-related fees imposed on borrowers.
In the case filed before the High Court, activist Francis Awino has sued the Kenya Bankers Association (KBA), challenging the manner in which banks adjust interest rates.
In the petition, Awino wants the court to issue conservatory orders suspending what he terms as arbitrary increases in borrowing costs pending the hearing and determination of the case.
