By JAMES NGUNJIRIMore by this AuthorThe Treasury has confirmed it will introduce legal amendments to the law capping interest rate despite recent opposition by MPs, saying the review will provide consumer safeguards. Treasury Cabinet Secretary Henry Rotich Wednesday said State is developing a legal framework that will address the whole management of credit in the economy. Private sectorThe CS acknowledges the law may have had some impact on the performance of credit to private sector but said this was not the only factor at play. But the International Monetary Fund (IMF) and the CBK are pushing for the review saying the capping is choking borrowing especially to the private sector. Last week in London, President Uhuru Kenyatta backed the review saying the policy has failed to increase credit to traders.

Source: Daily Nation April 26, 2018 07:18 UTC