Regulatory Alerts2016-10-25 | 1295053981Banking Circular No 7 of 2008 - Revision of the CRR and the CBR
The Central Bank of Kenya has revised the Cash Reserve Requirement (CRR) from 6% to 5% and the Central Bank Rate (CBR) from 9% to 8.5%, effective immediately as of December 1st, 2008. This decision was made by the Monetary Policy Committee (MPC) and communicated to all commercial banks through a banking circular.
BANKI CENTRAL BANK OF KUU YA KENYA KENYA Haile Selassie Ave P. O. Box 60000 - 00200 Nairobi Kenya Telephone: 2860000 Telex: 2237 lst December 2008 BANKING CIRCULAR NO. 7 OF 2008 TO: ALL CHIEF EXECUTIVES OF COMMERCIAL BANKS REVISION OF THE CASH RESERVE REQUIREMENT (CRR) & THE CENTRAL BANK RATE (CBR) Following a meeting of the Monetary Policy Committee (MPC) held on 1ª December 2008, the Central Bank of Kenya has decided to revise the Cash Reserve Requirement (CRR) from 6% to 5%.
In addition, the Bank has also reviewed the Central Bank Rate (CBR) from 9% to 8.5%. The above changes take effect immediately.
NYAOMA DIRECTOR, BANKING SERVICES DEPARTMENT