Parliamentarians Say Treasury Is Working With Banks To Repeal Caps

The National Assembly’s finance committee has accused the National Treasury for what it claims is working in cahoots with banks and financial institutions to repeal interest caps on loans.

Members of the committee contend that the treasury’s insistence on repealing the interest rate cap is suspect, saying most sectors are in support of interest rate caps.

But the National Treasury has countered this claim, saying that the interest rate caps have instead resulted in the locking out of the private sector and small and medium enterprises from accessing credit.

Interest rates caps on loans in Kenya came into force in September 2016 following concerns over high interest rates that were being charged on loans by commercial banks.

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