Commercial banks have raised the lending reference rate for September to 21.20 percent from 20.80 percent.
This further increases the cost of borrowing for households and businesses.
Announcments published by four of the country’s eight banks— including Standard Bank, CDH Bank, FDH Bank and First Capital Bank (FCB)—show that the new rate took effect on September 3, 2026.
The adjustment marks the third consecutive monthly increase in the reference rate and represents the highest increase in a single month since the upward trend started in July.
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