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Why interest rate cap was bound to fail

Central Bank of Kenya Governor Patrick Njoroge speaks during a press conference at Villa Rosa Kempinski Hotel in Nairobi on September 13, 2017. PHOTO | SALATON NJAU | NMG

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By  Jaindi Kisero

Columnist

The interest rate control regime has not worked because we were trying to treat a chronic malady by applying a palliative.

It does not-therefore- surprise me that the Governor of the Central Bank of Kenya (CBK), Dr Patrick Njoroge, says that he intends to push for the repeal of the rate-capping law.

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