Kenyan central bank launches new interest rate
The 'Kenya Bank Reference Rate' receives a mixed reception
The Central Bank of Kenya acted to "enhance the supply of private sector credit" yesterday, by introducing a new base rate for commercial banks to use when deciding what interest rates to charge borrowers.
Effective immediately, banks are required to use the Kenya Bank Reference Rate (KBRR) – based on the central bank's policy rate and the prevailing rates on certain Treasury bills – as the basis on which they price loans.
The central bank's monetary policy committee set the KBRR at 9.13%
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