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Standard Chartered Bank Kenya to Cut Base Lending Rate to 21.5%

July 13 (Bloomberg) -- Standard Chartered Bank Kenya Ltd., the country’s fifth biggest lender by market value, will cut its base lending rate to 21.5 percent effective Aug. 1, it said today in a statement posted in the Daily Nation.

CFC Stanbic Bank Ltd., the Kenyan unit of Standard Bank Group Ltd., and Commercial Bank of Africa Ltd. yesterday said separately they would cut their base lending rates to 22.5 percent next month.

The Central Bank of Kenya on July 5 reduced its benchmark interest rate for the first time in 18 months to 16.5 percent, from a record 18 percent. The following day Barclays Bank Kenya Ltd. said it will cut its base lending rate to 21 percent from Aug 1.

To contact the reporter on this story: Eric Ombok in Nairobi at eombok@bloomberg.net.

To contact the editor responsible for this story: Colin Keatinge at ckeatinge@bloomberg.net

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