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Law Capping interest rates
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Ngalaka
#2791 Posted : Tuesday, June 18, 2019 7:26:58 PM
Rank: Veteran

Joined: 10/29/2008
Posts: 1,566

Henry Rotich wrote:
“The aim of the interest rate capping introduced in September 2016 was to reduce the cost of borrowing, increase access to credit and higher return to savings its now going to 3 years and the law has had the opposite effect with micro, small and medium business starved of credit and the loan book of small banks becoming smaller,”

“Conscious of the need to spur business activity, I will in this year’s finance bill be proposing repeal of section 33b of the banking act 2016, I am convinced this will unlock credit to the private sector,”
Isuni yilu yi maa me muyo - ni Mbisuu
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Jon Jones
#2792 Posted : Wednesday, June 19, 2019 5:05:16 AM
Rank: Member

Joined: 9/11/2015
Posts: 245
Location: Thika
MPs are major beneficiaries of the law capping interest rates. They are viewed as credit worthy, and the law caps the interest they pay to banks. Some owe banks hundreds of millions or intend to borrow such huge figures. They certainly can't pass that law because they will be puking on their shoes.
Since men have learned to shoot without missing, I have learned to fly without perching
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tinker
#2793 Posted : Wednesday, June 19, 2019 6:12:29 AM
Rank: Member

Joined: 11/15/2010
Posts: 455
Location: Nairobi
Jon Jones wrote:
MPs are major beneficiaries of the law capping interest rates. They are viewed as credit worthy, and the law caps the interest they pay to banks. Some owe banks hundreds of millions or intend to borrow such huge figures. They certainly can't pass that law because they will be puking on their shoes.


I agree.
But then again, we know most of our MPs serves at behest of their kingpin, if asked to commit suicide for their boss they would do so without second thought.
....He who began a good work in you will carry it on to completion..
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Fyatu
#2794 Posted : Wednesday, June 19, 2019 7:48:47 AM
Rank: Veteran

Joined: 1/20/2011
Posts: 1,820
Location: Nakuru
Uhuru Kenyatta is the man squarely behind the rate cap. You cannot tell me that he does not know that things have slowed down since the cap came to effect.He knows.

The interest rate cap will be repealed when he leaves office post 2022. Hiyo ingine yote ni kelele.
Dumb money becomes dumb only when it listens to smart money
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newfarer
#2795 Posted : Wednesday, June 19, 2019 8:00:14 AM
Rank: Elder

Joined: 3/19/2010
Posts: 3,505
Location: Uganda
Fyatu wrote:
Uhuru Kenyatta is the man squarely behind the rate cap. You cannot tell me that he does not know that things have slowed down since the cap came to effect.He knows.

The interest rate cap will be repealed when he leaves office post 2022. Hiyo ingine yote ni kelele.

nobody should touch that law.greedy banks should not armstwist anyone.
punda amecheka
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obiero
#2796 Posted : Wednesday, June 19, 2019 8:12:31 AM
Rank: Elder

Joined: 6/23/2009
Posts: 14,220
Location: nairobi
newfarer wrote:
Fyatu wrote:
Uhuru Kenyatta is the man squarely behind the rate cap. You cannot tell me that he does not know that things have slowed down since the cap came to effect.He knows.

The interest rate cap will be repealed when he leaves office post 2022. Hiyo ingine yote ni kelele.

nobody should touch that law.greedy banks should not armstwist anyone.

We are operating under a new normal.. Let us live with it

KQ ABP 4.26
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HaMaina
#2797 Posted : Wednesday, June 19, 2019 8:50:08 AM
Rank: Veteran

Joined: 4/23/2014
Posts: 931
Fyatu wrote:
Uhuru Kenyatta is the man squarely behind the rate cap. You cannot tell me that he does not know that things have slowed down since the cap came to effect.He knows.

The interest rate cap will be repealed when he leaves office post 2022. Hiyo ingine yote ni kelele.


True the rate cap has helped us against the greedy loan shark banks, and I'm sure it wount go through parliament.

The problem is according to the judgement around February, where a judge actually called it unconstitutional and illegal, and gave parliament a year to correct the law otherwise it would be repealed without any further court appearance(i.e returns to its original state). My issue is we have forgotten about that ruling and our chicken memory governors and mp's will not remember to do anything about the law. I can bet you nnext year the interest rates will most likely increase, and we shall have no one to blame but ourselves for not following up on the ruling.
“You can get in way more trouble with a good idea than a bad idea, because you forget that the good idea has limits.” - Ben Graham
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HaMaina
#2798 Posted : Wednesday, June 19, 2019 9:00:26 AM
Rank: Veteran

Joined: 4/23/2014
Posts: 931
HaMaina wrote:
Fyatu wrote:
Uhuru Kenyatta is the man squarely behind the rate cap. You cannot tell me that he does not know that things have slowed down since the cap came to effect.He knows.

The interest rate cap will be repealed when he leaves office post 2022. Hiyo ingine yote ni kelele.


True the rate cap has helped us against the greedy loan shark banks, and I'm sure it wount go through parliament.

The problem is according to the judgement around February, where a judge actually called it unconstitutional and illegal, and gave parliament a year to correct the law otherwise it would be repealed without any further court appearance(i.e returns to its original state). My issue is we have forgotten about that ruling and our chicken memory governors and mp's will not remember to do anything about the law. I can bet you nnext year the interest rates will most likely increase, and we shall have no one to blame but ourselves for not following up on the ruling.


Here is the link.

https://www.businessdail...6434-6a9knqz/index.html
“You can get in way more trouble with a good idea than a bad idea, because you forget that the good idea has limits.” - Ben Graham
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Ngalaka
#2799 Posted : Wednesday, June 19, 2019 11:05:54 AM
Rank: Veteran

Joined: 10/29/2008
Posts: 1,566
HaMaina wrote:
HaMaina wrote:
Fyatu wrote:
Uhuru Kenyatta is the man squarely behind the rate cap. You cannot tell me that he does not know that things have slowed down since the cap came to effect.He knows.

The interest rate cap will be repealed when he leaves office post 2022. Hiyo ingine yote ni kelele.


True the rate cap has helped us against the greedy loan shark banks, and I'm sure it wount go through parliament.

The problem is according to the judgement around February, where a judge actually called it unconstitutional and illegal, and gave parliament a year to correct the law otherwise it would be repealed without any further court appearance(i.e returns to its original state). My issue is we have forgotten about that ruling and our chicken memory governors and mp's will not remember to do anything about the law. I can bet you nnext year the interest rates will most likely increase, and we shall have no one to blame but ourselves for not following up on the ruling.


Here is the link.

https://www.businessdail...6434-6a9knqz/index.html


Hence the proposal by Henry Rotich.
Isuni yilu yi maa me muyo - ni Mbisuu
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HaMaina
#2800 Posted : Wednesday, June 19, 2019 11:38:19 AM
Rank: Veteran

Joined: 4/23/2014
Posts: 931
Ngalaka wrote:
HaMaina wrote:
HaMaina wrote:
Fyatu wrote:
Uhuru Kenyatta is the man squarely behind the rate cap. You cannot tell me that he does not know that things have slowed down since the cap came to effect.He knows.

The interest rate cap will be repealed when he leaves office post 2022. Hiyo ingine yote ni kelele.


True the rate cap has helped us against the greedy loan shark banks, and I'm sure it wount go through parliament.

The problem is according to the judgement around February, where a judge actually called it unconstitutional and illegal, and gave parliament a year to correct the law otherwise it would be repealed without any further court appearance(i.e returns to its original state). My issue is we have forgotten about that ruling and our chicken memory governors and mp's will not remember to do anything about the law. I can bet you nnext year the interest rates will most likely increase, and we shall have no one to blame but ourselves for not following up on the ruling.


Here is the link.

https://www.businessdail...6434-6a9knqz/index.html


Hence the proposal by Henry Rotich.


Last 2 years budgets there have been similar proposals, this time its there to close our eyes and forget the judgement deadline.

“You can get in way more trouble with a good idea than a bad idea, because you forget that the good idea has limits.” - Ben Graham
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