Following the central bank’s monetary easing, 23 Kenyan banks reduced lending and deposit rates to a four-month low. The average lending rate fell to 16.89% in December from 17.22% in November. While 14 banks increased rates, Equity Bank left them unchanged. CBK Governor Kamau Thugge had criticized banks for not lowering rates quickly enough after the central bank cut its benchmark rate by 175 basis points over three meetings.