A court on Thursday declared unconstitutional the section of the Banking Act that introduced interest rate controls. However, the Commercial and Admiralty Division court suspended the enforcement of the ruling for 12 months to give lawmakers time to amend the law. The statement went on: " For that reason, the court cannot fault the National Assembly in legislating a provision on interest rate ceiling. In arriving at the decision, the court gives deference to the principle of the presumption of constitutionality of legislation." Further, the national government's appetite for domestic borrowing has seen banks make astronomical profits, a consequence of the caps.

Source: Daily Nation March 14, 2019 16:57 UTC