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Central Bank of Kenya (CBK) has clarified the rate that banks should use to base interest rates on loans.
In a circular to commercial banks, the banking sector regulator, which had hitherto remained mum on the issue since President Uhuru Kenyatta assented to a new law capping interest rates last month, said banks should peg pricing of their loans on the Central Bank Rate (CBR) as opposed to the Kenya Banks Reference Rate (KBRR).
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