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Supreme Court to rule on CS approval of bank rates
Chief Justice and President of the Supreme Court Martha Koome (centre) and Deputy Chief Justice and Vice-President of the Supreme Court Philomena Mwilu (third left) with Supreme Court Judges (from left) Isaac Lenaola, Dr Smokin Wanjala, Mohamed Ibrahim, Njoki Ndung’u and William Ouko at the Supreme Court Building in Nairobi. FILE PHOTO | JEFF ANGOTE | NMG
The Supreme Court is expected to settle a long-running dispute on whether banks must seek approval from the Treasury Cabinet Secretary before increasing lending rates.
The Court of Appeal judges allowed Stanbic Bank to seek clarity from Kenya's highest court over section 44 of the Banking Act which requires lenders to seek the approval of the Cabinet Secretary before increasing the rate of banking.
