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Reality check as downside of interest rate capping law dawns on borrowers

Central Bank of Kenya Governor Dr. Patrick Njoroge. (Photo:Elvis Ogina/Standard)

When President Uhuru Kenyatta signed a Bill restricting banks from charging more than four percentage points above Central Bank’s indicative rate for borrowing into law, *Peter was over the moon.

His company had just won a tender to put murram on a road in one of the counties, but he did not have the money to undertake the lucrative venture.

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