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In the Finance Bill 2019, the National Treasury has proposed repealing the Banking Amendments Act (2016) that introduced caps on lending rates as one of the means of stimulating liquidity in the economy. The National Treasury is responding to reports by commercial banks that blame a 15 per cent drop in credit access over the past four years, on the interest caps.
However, this has been challenged by Members of Parliament with the Budget and Appropriations Committee Chairman Kimani Ichungw’a pointing out that bankers’ explanation of lack of liquidity in the economy is incomplete.
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