IMF backs Treasury’s push to scrap lending rates ceiling

Kenya Bankers Association Director of Communication Nuru Mugambi and CEO Habil Olaka at a past briefing. Bankers wants the law repealed. [Wilberforce Okwiri, Standard]

The International Monetary Fund has once again backed the National Treasury and Central Bank’s plan to force the scrapping of the law capping lending rates.

If successful, this will likely return the country into the era of expensive loans, when some lenders charged borrowers rates as high as 30 per cent annually.