Kenya: President Uhuru Kenyatta yet to see Bill capping lending rates
12 Aug 2016

A proposed law to regulate bank interest rates has not been presented to the President.

This emerged yesterday even as borrowers anxiously wait to see if the burden of high cost of loans will be lifted off their backs.

The Standard has established that Parliament was yet to submit to President Uhuru Kenyatta the Banking (Amendment) Bill 2015, which was unanimously passed by MPs on July 29. Yesterday, lawmakers stepped up lobbying for the President to approve the proposed law, a day after the professional body for accountants supported the proposed cap and contradicted arguments against the controls by commercial banks.

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