Nairobi, July 19 -- The rates offered to customers for savings in banks have dropped to a near five-year-low, indicating that cash-rich lenders are not under pressure to pick up money for onward lending.
Central Bank of Kenya (CBK) data shows that the savings rate dropped to 2.55 percent in May, the lowest since August 2016 when it stood at 1.68 percent.
It stood at 4.18 percent in May last year.
The rates offered to customers for savings in banks have dropped to a near five-year-low, indicating that cash-rich lenders are not under pressure to pick up money for onward lending.
Central Bank of Kenya (CBK) data shows that the savings rate dropped to 2.55 percent in May, the lowest since August 2016 when it stood at 1.68 percent.
It stood...