2021-12-10 | 885774324

Banking Circular No. 6 of 2021 - Guidance on Libor Transition

The Central Bank of Kenya (CBK) issued a circular to commercial banks and mortgage finance institutions regarding the transition away from the London Interbank Offered Rate (LIBOR). The Financial Conduct Authority (FCA) announced in 2017 that it would stop compelling panel banks to submit LIBOR quotes after December 2021 due to manipulation attempts and declining liquidity. The CBK has developed guidance focusing on governance, monitoring, risks, and systems changes to ensure a smooth transition, with the process ending in 2023.

Kenya

Central Bank of Kenya

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