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MPs vow to quash Uhuru veto on interest rates Bill
A past session at the National Assembly in Nairobi. A section of MPs has dismissed banking industry proposals to lower the current lending rates by 100 basis points as “a mere public relations gimmick”. PHOTO | FILE | NATION MEDIA GROUP
Members of Parliament yesterday rejected bank executives’ counter-proposals to borrowers meant to stop a law capping interest rates and vowed to marshal the required two thirds majority needed to quash a presidential veto.
Led by Jude Njomo, the sponsor of the Bill that seeks to cap interest on loans at not more than four per cent of the Central Bank of Kenya (CBK) base rate, the MPs dismissed banking industry proposals to lower the current lending rates by 100 basis points as “a mere public relations gimmick”.
