Rank: Elder Joined: 10/18/2008 Posts: 3,434 Location: Kerugoya
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enyands wrote:mlennyma wrote:Obi 1 Kanobi wrote:aemathenge wrote:Vampires who depend on the monetary blood that are high Kenyan Banking interest rates abound. These vampires will do anything within their power to make sure this Bill does not see the light of day. For if it does, they will fizzle into nothing or seek other avenues of quenching their usurious thirst. Nothing brings this clearly to light than The Nairobi Securities Exchange (NSE) Chief Executive Geoffrey Odundo’s press statement last evening, as reported by Geoffrey Irungu in the BusinessDaily.
Among the vampires identified by the article, include: The banks, particularly the eleven trading on the NSE, their shareholders, and employees; The Nairobi Securities Exchange (NSE); Pension Assets and Pensioners; Stock Brokers; Institutional NSE investors; Foreign Investors; Foreign Currency Inflows – The Central Bank of Kenya. That is one HELL of a lot of fire power facing The Presidency.  Now they are saying if you cap interest rates, it will impact your pensions. I can't believe the extent banks are going to try and maintain their usurious practices. What next, they will say capping interest rates will lock the mwananchi and SME out of heaven The stakes are very high you can't win The way this bill will be handled will determine if I go chupiree or olange. My stakes are personally high ,want to see how he will handle it "The banks have been misbehaving and they all know it, while Patrick Njoroge, the CBK governor, was busy with closing banks and indicting rogue directors the Bill sailed through Parliament since lobbying didn’t work on both sides.
Now, going into an election year, the President is faced with a decision bearing on his manifesto promise from the last campaigns of reducing interest rates before 2017.
Let the Bill be signed, we have seen tougher times and banks were the major beneficiaries, passing the cost plus inflation to the consumer.
What have we got to lose?"The BusinessDaily, OPINION AND ANALYSIS Section, "NSE is wrong on effects of capping loan interest rates"Link:
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