Accountants ask President Uhuru Kenyatta to pass rates law as banks make token cut

Mombasa Senator Hassan Omar (right) receives a present from (Institute of Certified Public Accountants of Kenya) ICPAK's Vice Chairman Julius Mwatu during ICPAK's workshop at Sarova Whitesands in Mombasa County. ICPAK  is of the considered opinion that the banking sector in Kenya has operated on an oligopolistic market mode, where credit pricing is not reflective of market fundamentals. (PHOTO: KELVIN KARANI/ STANDARD)

Accountants yesterday asked President Uhuru Kenyatta to sign the law that regulates interest rates, in the single
biggest independent endorsement by a professional body.

The Institute of Certified Public Accountants of Kenya’s (ICPAK) request came amid frantic last-minute efforts by banks to block the enactment of the amendments in a desperate appeal, 10 days after the National Assembly unanimously sought to cap lending rates.