This week has seen several banks lower their interest rates to meet the set threshold as stipulated in the newly signed Banking (Amendment) Act 2015 that sets the maximum interest rate charged on a credit facility at 4% above the base rate set and published by the Central Bank. CFC Bank was the first bank to cut interest rates to 14.5% for both new and old loans. KCB followed by placing a note on the last day of August 2016 informing their customers that they will review their existing facilities starting 1st September 2016 so as to adjust their rate for both new and old loans to 14.5%. Co-op Bank issued a letter on 26th August 2016 informing their customers that they will abide to the set rules becoming the first bank to indicate that they were willing to comply with the new rule. The Tier 1 lender noted that they have embarked on the process of restructuring the repayment arrangements of the respective facilities in liaison with credit management division which will lower the interest rate for existing loans at 14.5% All the banks that have so far lowered their interest rates have requested their clients to liaise with their branches for facilitation as they await for more guidelines from the government on how to treat the existing loans.
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