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CBK says rate cap undermines independence
Central Bank of Kenya deputy governor Sheila M’Mbijjewe (centre) and Monetary Policy Committee (MPC) member Terry Ryan during a media briefing on March 20, 2018. PHOTO | DIANA NGILA | NMG
A new report by the Central Bank of Kenya (CBK) says interest rate caps have undermined the conduct of monetary policy, but the law could be repealed by June this year.
The CBK report, on whose basis the CBK is seeking public comments on the legal caps ahead of the planned review of the rate capping law, paints an adverse picture of the impact of the rates.
