CBK orders banks to obey vague rate caps law in 2 weeks

Commercial banks have two weeks to comply with new interest rate caps even as the wording of the law transmitted by the Central Bank of Kenya (CBK) to chief executives remained vague and confusing.

The CBK, whose guidance the Kenya Bankers Association (KBA) had said was awaited on the matter of capping interest rates, Thursday said the lenders have until September 14 to implement the law.