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MPs reject president Kenyatta's bid to remove lending cap rate

05, Nov 2019

Commercial banks will now be at liberty to charge interest rates as they please on loans. this is after the national assembly failed to overturn a memorandum by president Uhuru Kenyatta that wanted the rate cape removed.  MPs failed to raise numbers required to overturn president Kenyatta's reservations of their earlier attempt to retain the limits on interest rates at four per cent above the base lending rate as set by the central bank. Only 161 members were present in the house against a threshold of 233. In his refusal to assent to the finance bill, president Kenyatta said the interest rate caps stifled borrowing by SMEs.