Kenya's central bank sets stage for repeal of interest rate caps
Central Bank of Kenya Governor Patrick Njoroge speaks during a press conference at Villa Rosa Kempinski Hotel in Nairobi on September 13, 2017. PHOTO | SALATON NJAU | NMG
The Central Bank of Kenya (CBK) Wednesday gave the clearest signal that it intends to push for a repeal of the year-old law capping interest rates because of the negative effect it has had on the economy.
CBK governor Patrick Njoroge, however, warned that commercial banks will have to be more disciplined in the pricing of loans so as not to overcharge borrowers.
