Tough times for Kenyans as CBK ups lending rate to 13 per cent

Central Bank of Kenya's Monetary Policy Committee has revised the base lending rate from 12.5% to 13%.

This now means credit will be more costlier by a similar margin going forward.

The committee cited inflation and the exchange rate as the reasons.

The lending rate is the bank rate that usually meets the short- and medium-term financing needs of the private sector.

This rate is normally differentiated according to the creditworthiness of borrowers and the objectives of financing.