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COFEK to appeal against removal of interest rates cap

COFEK Chairman Stephen Mutoro. [Photo: File]

NAIROBI, KENYA: Consumer Federation of Kenya (COFEK) has vowed to oppose the ruling that seeks to scrap bank interest rates.

Judges Francis Tuiyot, Jackline Kamau and Rachael Ngetich last week ruled that a section of the Banking Amendment Act 2016 that gives the Central Bank of Kenya authority to set interest rates disrupts the existing relationship between banks and their customers.

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