This means the 43 lenders will for the next six months have to disclose charges above that rate to the borrower. The rate was arrived at yesterday by the CBK's monetary policy committee during their meeting held after every two months.
This was after the committee retained the CBK's key lending rate at 8.5 per cent, a level it has maintained for the last 15 months since
"This level of the KBRR (
The actual cost of loans for new borrowers will however be dependent on the premiums charged by individual banks based on their operation costs.
The overheads will be disclosed under annual percentage rate pricing mechanism that became effective this month. Treasury Secretary
"We have come up with a reference rate to act as a basis for determining interest rates because every bank previously had own benchmark, some of which were unfounded," said Rotich.
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