@Standard

End of cheap loans as Uhuru Okays scraping of Interest rate by September - 9 Mar 2018 00:11

Dominic Omondi

You may soon receive a notice indicating that the cost of servicing your loan has gone up, in case you borrowed money from a commercial bank. The same hand President Uhuru Kenyatta used in August 2016 to take away banks’ freedom to charge customers’ the interest rates they wanted could soon hand the power back to the lenders. Cheap credit is likely to end in September after President Kenyatta reportedly yielded to pressure from the International Monetary Fund (IMF) to either repeal or replace the law that controls interest rates. The caps were introduced in 2016 in the wake of a public outcry over high interest charges by banks that burdened borrowers. Banks are not allowed to charge customers a rate higher than four per cent above the benchmark rate set by the Monetary Policy Committee. The benchmark rate has stayed at 10 per cent since September 2016, meaning banks ...
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