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Borrowers braced for higher loan costs in rate caps law repeal

National Treasury Cabinet Secretary Henry Rotich poses for a photo outside The National Treasury Building ahead of the 2018/19 budget presentation at Parliament on June 14, 2018. PHOTO | DIANA NGILA | NMG

By  Victor Juma

Business Editor

Nation Media Group

Treasury Secretary Henry Rotich has moved to repeal the interest rate controls that came into effect in September 2016, setting borrowers up for higher loan costs.

Mr Rotich said the decision, which is expected to boost banks’ profitability in the coming months, is meant to support economic growth by reviving lending to the private sector.

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