Interest rate spread (lending rate minus deposit rate, %) in Kenya
Kenya: Interest rate spread (lending rate minus deposit rate, %) was 4.6% in 2024. ◆ Volatile
Interest rate spread in Kenya, 1971–2024
Source: International Financial Statistics database, International Monetary Fund (IMF). Measured in lending rate minus deposit rate, %.
Analysis
In 2024, interest rate spread in Kenya stood at 4.6%.
Compared with earlier readings it is up 4.3% on the previous year and down 43.4% over ten years.
Over the whole period, interest rate spread in Kenya peaked at 20.5% in 1994 and was at its lowest, 2.3%, in 1982.
Kenya ranks 80th of 141 countries on this measure, in the middle of the range.
The series is highly variable year to year, so single readings are best treated with caution.
Interest rate spread (lending rate minus deposit rate, %) in Kenya, year by year
| Year | lending rate minus deposit rate, % | Change |
|---|---|---|
| 1971 | 5.5% | — |
| 1972 | 5.5% | +0.0% |
| 1973 | 5.5% | +0.0% |
| 1974 | 5.2% | -5.7% |
| 1975 | 4.9% | -6.1% |
| 1976 | 4.9% | +0.0% |
| 1977 | 4.9% | +0.0% |
| 1978 | 4.9% | +0.0% |
| 1979 | 4.9% | +0.0% |
| 1980 | 4.8% | -0.8% |
| 1981 | 3.6% | -26.1% |
| 1982 | 2.3% | -35.5% |
| 1983 | 2.6% | +11.3% |
| 1984 | 2.6% | +3.2% |
| 1985 | 2.8% | +3.9% |
| 1986 | 2.8% | +0.0% |
| 1987 | 3.7% | +34.1% |
| 1988 | 4.7% | +26.6% |
| 1989 | 5.2% | +12.5% |
| 1990 | 5.1% | -3.2% |
| 1991 | 4.5% | -11.5% |
| 1994 | 20.5% | +356.3% |
| 1995 | 15.2% | -25.9% |
| 1996 | 16.2% | +6.6% |
| 1997 | 13.5% | -16.5% |
| 1998 | 11.1% | -18.0% |
| 1999 | 12.8% | +15.7% |
| 2000 | 14.2% | +11.0% |
| 2001 | 13.0% | -8.5% |
| 2002 | 13.0% | -0.5% |
| 2003 | 12.4% | -4.1% |
| 2004 | 10.1% | -18.8% |
| 2005 | 7.8% | -22.8% |
| 2006 | 8.5% | +8.9% |
| 2007 | 8.2% | -3.8% |
| 2008 | 8.7% | +6.6% |
| 2009 | 8.8% | +1.4% |
| 2010 | 9.8% | +11.1% |
| 2011 | 9.4% | -4.0% |
| 2012 | 8.2% | -13.5% |
| 2013 | 8.7% | +6.4% |
| 2014 | 8.1% | -6.1% |
| 2015 | 6.9% | -15.3% |
| 2016 | 7.9% | +14.1% |
| 2017 | 6.0% | -23.9% |
| 2018 | 4.8% | -20.4% |
| 2019 | 4.9% | +3.5% |
| 2020 | 5.0% | +1.9% |
| 2021 | 5.4% | +7.3% |
| 2022 | 5.2% | -3.8% |
| 2023 | 4.4% | -14.8% |
| 2024 | 4.6% | +4.3% |
Kenya compared with similar countries
- Kenya's 4.6% is below the median for lower middle income countries, which is 6.3%, 73% of the median. (37 countries reporting)
- Kenya's 4.6% is below the median for Sub-Saharan Africa, which is 6.2%, 74% of the median. (37 countries reporting)
Biggest year-on-year movements
Years where Interest rate spread (lending rate minus deposit rate, %) in Kenya changed far more than this series normally does. A large move can be a real event or a change in how the figure was measured — the source note below says who published it.
| Year | Change | From | To |
|---|---|---|---|
| 1994 | +356.3% | 4.5% | 20.5% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1970s | 5.1% | 4.9% | 5.5% | 9 |
| 1980s | 3.5% | 2.3% | 5.2% | 10 |
| 1990s | 12.4% | 4.5% | 20.5% | 8 |
| 2000s | 10.5% | 7.8% | 14.2% | 10 |
| 2010s | 7.5% | 4.8% | 9.8% | 10 |
| 2020s | 4.9% | 4.4% | 5.4% | 5 |
Countries ranked near Kenya
More financial sector data for Kenya
- Reserve position in the IMF, US dollar, annual growth rate 5.01 % change on previous year (2025)
- Reserve position in the IMF, US dollar, per unit of GDP 0.0001 units per US$ of GDP (2025)
- Reserve position in the IMF, US dollar, per capita 0.3189 units per person (2025)
- Reserve position in the IMF, SDR, annual growth rate 0 % change on previous year (2025)
- Reserve position in the IMF, SDR, per unit of GDP 0.0001 units per US$ of GDP (2025)
- Reserve position in the IMF, SDR, per capita 0.2328 units per person (2025)
- Reserve tranche position, US dollar, annual growth rate 5.01 % change on previous year (2025)
- Reserve tranche position, US dollar, per unit of GDP 0.0001 units per US$ of GDP (2025)
- Reserve tranche position, US dollar, per capita 0.3189 units per person (2025)
- Reserve tranche position, SDR, annual growth rate 0 % change on previous year (2025)
Frequently asked questions
- What is interest rate spread in Kenya?
- Interest rate spread in Kenya was 4.6% in 2024, according to International Financial Statistics database, International Monetary Fund (IMF).
- What is the highest interest rate spread recorded in Kenya?
- The highest recorded value was 20.5% in 1994.
- What is the lowest interest rate spread recorded in Kenya?
- The lowest recorded value was 2.3% in 1982.
- How does Kenya rank for interest rate spread?
- Kenya ranks 80th out of 141 countries with data for 2024.
- Is interest rate spread rising or falling in Kenya?
- Over the last ten years it is down 43.4%. The long-run trend across the full record is volatile.
- Where does this Kenya data come from?
- The figures come from International Financial Statistics database, International Monetary Fund (IMF), published as part of Interest rate spread (lending rate minus deposit rate, %). Statizoid updates them automatically from the source API.
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About this data
Interest rate spread is the interest rate charged by banks on loans to private sector customers minus the interest rate paid by commercial or similar banks for demand, time, or savings deposits. The terms and conditions attached to these rates differ by country, however, limiting their comparability.