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Accountants oppose scrapping of law capping lending charges
The Central Bank is currently spearheading the process to change the law on lending by collecting views from the public on the negative effects of interest rate caps on the economy. file photo | nmg
The push and pull to have the law capping interest rate reviewed has taken a new twist with accountants saying the move would be counterproductive.
The Institute of Certified Public Accountants of Kenya (ICPAK) is now warning that removal of legal limits on borrowing will hurt consumers by returning the country to the era of high credit charges.
