Nairobi, Dec. 5 -- Commercial banks have urged a further cut in the indicative lending rate of the Central Bank of Kenya (CBK), to help boost the pace of lending to the private sector and reduce loan defaults.

Through the Kenya Bankers Association (KBA), the lenders want the CBK Monetary Policy Committee (MPC) meeting set for Monday to cut the Central Bank Rate (CBR) from the current 9.25 percent.

The MPC has cut the CBR in eight successive meetings, with the latest chop coming on October 7, when the rate was lowered to 9.25 percent from 9.50 percent.

Read:Pressure on banks as new loan pricing model begins on December 1

KBA says there is scope for a further cut in the benchmark rate to boost private sector lending and further stimulat...