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Kenya's central bank to rule on 2020 dividend issuance by banks

CBK Governor Patrick Njoroge (PHOTO: FILE)

Kenya’s central bank will have to approve any plans by commercial lenders to issue dividends for this year, it said in a memo to bank executives on Monday, an unusual move caused by the coronavirus crisis.

Lenders have seen their earnings plunge in the first half of this year, hit by higher provisions for bad loans, on the back of the COVID-19 pandemic.

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