Central Bank of Kenya halts reference rate calculation

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Central Bank of Kenya: suspends reference rate calculation

The Central Bank of Kenya has halted calculation of the Kenya Banks' Reference Rate (KBRR), following the introduction of the cap on interest rates implemented last year.

On January 30, the central bank's monetary policy committee voted to leave rates on hold at 10%. In a statement announcing the decision, governor Patrick Njoroge said the monetary policy committee had "considered" the KBRR, which was introduced to provide a transparent credit pricing framework, and ultimately decided to suspend