Business Daily | by Timothy Odinga
Banks fixed deposit rates have dropped to a five-year low on reduced demand for savings in an economy where lending to home and business has plunged.
Central Bank of Kenya (CBK) data shows that deposit rates stood at an average of 6.37 percent in October, down from 7.07 percent in March when the country reported its first Covid-19 case.
Return on deposits have now fallen to the lowest point since July 2015 when it was quoted at 6.31 percent and has dropped from…
