LETTERS: Interest rate caps popular, but it’s a blunt policy tool

Kiambu Town MP Jude Njomo who led the crusade to rein in interest rates recently said “there is a concerted effort by banks, which have formed cartels, to keep off credit from the public, thus blackmailing Parliament into changing a law that protects the ordinary people.”

The law now in place was proposed in 2011 to the opposition of the then economist President Mwai Kibaki.