This, the banks imagine, will assuage public anger over what many feel are exorbitant interest rates charged on loans. This newspaper has argued against controlling interest rates because of the knock-on effects it portends for the country's liberalised economy. Updated Fri, August 12th 2016 at 00:00 GMT +3In what looked like a calculated act of tokenism, banks on Wednesday set aside Sh30 billion to lend to small and medium-sized enterprises at friendly rates and announced a 1 per cent reduction on interest rates. Two weeks ago, Parliament kicked up a storm after it passed a bill that if the President were to sign into law, could lead to the fixing of interest rates. As it is, they come across as modern-day buccaneers who need a nudge to do good.

Source: Standard Digital August 11, 2016 19:41 UTC