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Confusion as CBK fails to clarify on applicable rate of interest caps

The Central Bank of Kenya has broken its silence over the ragging debate on what base rate commercial banks are supposed to use when charging interest rates on loans and savings.
Speaking on the sidelines of Kenya Bankers Association’s 5th banking research conference, Deputy Central Bank governor Sheila Mbijiwe while being non committal on what rate between the Central Banks Rate-CBR- which currently stands at 10.5 percent and the Kenya Bankers Reference Rate – KBRR- which is pegged at 8.9 percent said the common practice in most african countries was to base the interest rate pricing to the CBR.
Faizal Ahmed remains on the interest caps debate even as the Central Bank continues to cause a lot of anxiety for failing to give a direction albeit still being within the time frame to do so.

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