MPs oppose CBK Governor's bid to undo interest rate capping

Central Bank of Kenya Governor Patrick Njoroge when he appeared before the National Assembly Finance Committee on Interest Caps Law at Parliament on April 12, 2018. [Photo by Boniface Okendo/Standard]

The Central Bank's bid to have the interest rate cap law scrapped has failed.

Members of the Finance Committee yesterday rejected Governor Patrick Njoroge's plea to remove controls on interest paid on bank loans and deposits.