@Standard

Treasury faces hard task to scrap interest rate cap law - 9 months ago, 20 June 00:07

Macharia Kamau And ...

Treasury’s bid to do away with the law controlling interest rates faces a major hurdle, with some MPs saying they will not pass the proposal.

This came even as Treasury said it has aggressively been lobbying legislators to accept the repeal of Section 33B of the Banking (Amendment) Act, 2016, which places a ceiling on the rate of interest lenders can charge on a loan.

The law stipulates that commercial banks can only lend at four percentage points above the Central Bank Rate (CBR), which currently stands at 9.5 per cent.

This means that all loans being offered by commercial banks and other financial institutions regulated by Central Bank of Kenya have a maximum interest rate of 13.5 per cent.  

In the Budget Statement last Thursday, Cabinet Secretary Henry Rotich proposed repealing of the section that introduced capping of interest rates.

However, a section of MPs has already started forming ...
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