Business & Finance

Kenya central bank raises discount window rate to 15.68pc

NAIROBI : Kenya's central bank raised on Wednesday its discount window rate to 15.68 percent from 13.87 percent a day ea

Published August 17, 2011 Updated August 17, 2011 07:31am

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By Shoaib Ur Rehman

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Central Bank of Kenya said on Friday that commercial banks intending to borrow from the overnight window would be charged at a higher rate based on a formula taking into account the central bank rate (CBR), plus the previous day's average interbank rate, minus the central bank's rate of 6.25 percent plus a penalty of three percentage points.

At close of Tuesday trade the weighted average interbank lending rate stood at 12.68 percent, from 10.87 percent on Monday.

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