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Proposed Law To Amend Interest Rates Cap

Proposed Law to Amend Interest Rates Cap

Commercial banks will be allowed to charge higher interest on customer loans based on their assessment of default risk in proposed amendments to the controversial rate cap law.

The new loan pricing model proposed by Gatundu South Member of Parliament Moses Kuria will allow banks to raise the cost of loans up to six percentage points above the Central Bank Rate (CBR) from the current four percentage points.

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