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Banks move core business to other institutions as CBK increases bas lending rate

The Central Bank of Kenya, Nairobi. 

The Central Bank of Kenya, Nairobi. 

Photo credit: File | Nation Media Group

Selling money • Even before the Central Bank of Kenya increased the base lending rate recently, commercial banks “had already moved their core business of selling money to other institutions”, Jediel Muthuri claims.

These, he adds, are auctioneers and security firms that operate ATMs and also agents.