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Apex court retains verdict giving Treasury power over bank rates
Stanbic sought the review on the basis that the declaration had the effect of nullifying the prevailing legal regime, under which the power of the Cabinet secretary has been delegated to the CBK governor.
The Supreme Court has declined to review and amend its declaration that banks and financial institutions must seek approval of the Treasury Cabinet secretary before increasing interest rates on loans advanced to customers.
The five-judge bench led by Deputy Chief Justice Philomena Mwilu dismissed a Stanbic Bank request to clarify, review, and amend a portion of the judgment delivered on June 28, 2024, in a longstanding commercial dispute between the lender and its customer Santowels Limited.
