Treasury faces hard task to scrap interest rate cap law

Jude Njomo gives his pointers during an interview at Standard offices to a discussion on bank interest rates. [FELIX KAVII, STANDARD]

Treasury’s bid to do away with the law controlling interest rates faces a major hurdle, with some MPs saying they will not pass the proposal.

This came even as Treasury said it has aggressively been lobbying legislators to accept the repeal of Section 33B of the Banking (Amendment) Act, 2016, which places a ceiling on the rate of interest lenders can charge on a loan.