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The National Treasury Cabinet Secretary Mr Henry Rotich has announced a new formula of assessing bank interesr rates to be known as Kenya Banks Reference Rate (KBRR).

Mr Rotich made the announcement after meeting Deputy President Mr William Ruto on May 30, 2014.

This will be an average of the Central Bank Rate (after every announcement by the Monetary Policy Committee meetings) and the 91-day Treasury Bill Rate plus a premium to be determined by each bank. 

The rate and other proposals arose from a committee where Cofek was represented among other stakeholders.

Click here for the full statement from The National Treasury