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Law Capping interest rates
Pesa Nane
#2461 Posted : Friday, April 13, 2018 2:22:06 PM
Rank: Elder


Joined: 5/25/2012
Posts: 3,736
Location: 08c
Pesa Nane plans to be shilingi when he grows up.
obiero
#2462 Posted : Friday, April 13, 2018 2:32:47 PM
Rank: Elder


Joined: 6/23/2009
Posts: 9,376
Location: nairobi
Spikes wrote:
obiero wrote:
mlennyma wrote:
obiero wrote:
murchr wrote:
obiero wrote:
Angelica _ann wrote:
murchr wrote:


Wow KCB headed to 70bob!!!


Kenya Govt and the People of Kenya are distinct


Layman English please

The law won’t be reversed


to repeal is to abolish/anull a law or an act of parliament. .prophet obiero you mean this word was used wrongly ?

I mean that it was a political response to IMF that will not garner real political support in the House. To repeal it cannot be via twitter feeds, this thing is hardcoded in wanjiku who prefers no debt to the mercinary rates that were being bandied by Kenyan banks


It should be mercenary. The problem emanates from attending shithole schools where a young bugger used to receive instructions under a tree inside squalid makeshift structures.

It was written.. MPs will not support the amendment via orders from above!
DISCLAIMER: @obiero, MBA-MIS, CISA. Opinionated, owner of www.winda.co.ke. Aims to be factual and logical..
Fyatu
#2463 Posted : Friday, April 13, 2018 3:15:45 PM
Rank: Veteran


Joined: 1/20/2011
Posts: 1,111
Location: Nakuru
Pesa Nane wrote:


Our(Kenyan) collective obsession with kizungu mingi na catwalk is something out of this world. Now CBK expect wanjiku to drop what she is doing and read the text in this report and send emails d'oh!
Mnataka nifanye nini jameni?? d'oh! d'oh!
KulaRaha
#2464 Posted : Friday, April 13, 2018 3:44:26 PM
Rank: Elder


Joined: 7/26/2007
Posts: 6,223
Only a retarded MP will vote to remove the cap...so that means the whole House will vote to remove it LOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOL
Business opportunities are like buses,there's always another one coming
obiero
#2465 Posted : Friday, April 13, 2018 3:52:59 PM
Rank: Elder


Joined: 6/23/2009
Posts: 9,376
Location: nairobi
Fyatu wrote:
Pesa Nane wrote:


Our(Kenyan) collective obsession with kizungu mingi na catwalk is something out of this world. Now CBK expect wanjiku to drop what she is doing and read the text in this report and send emails d'oh!

@Fyatu but what was the essence of going to school if we are not ready to read?
DISCLAIMER: @obiero, MBA-MIS, CISA. Opinionated, owner of www.winda.co.ke. Aims to be factual and logical..
obiero
#2466 Posted : Friday, April 13, 2018 3:54:35 PM
Rank: Elder


Joined: 6/23/2009
Posts: 9,376
Location: nairobi
Fyatu wrote:
Pesa Nane wrote:


Our(Kenyan) collective obsession with kizungu mingi na catwalk is something out of this world. Now CBK expect wanjiku to drop what she is doing and read the text in this report and send emails d'oh!

@Fyatu but what was the essence of going to school if we are not ready to read and write?
DISCLAIMER: @obiero, MBA-MIS, CISA. Opinionated, owner of www.winda.co.ke. Aims to be factual and logical..
tandich
#2467 Posted : Friday, April 13, 2018 5:51:45 PM
Rank: Member


Joined: 5/6/2008
Posts: 88
'Business Daily quoted Jude Njomo, the lawmaker behind the law and a member of parliament’s finance committee, as saying anyone calling for the repeal was wasting their time.'

Kenyan lawmakers say interest cap to stay, finmin still sees change
tom_boy
#2468 Posted : Saturday, April 14, 2018 5:11:48 PM
Rank: Member


Joined: 2/20/2007
Posts: 428
Fyatu wrote:
Pesa Nane wrote:


Our(Kenyan) collective obsession with kizungu mingi na catwalk is something out of this world. Now CBK expect wanjiku to drop what she is doing and read the text in this report and send emails d'oh!


I will respond with my riverroad economic reasoning. I dont care what they think about it but I will surely have my say.
They must find it difficult....... those who have taken authority as the truth, rather than truth as the authority. -G. Massey.
RIEK01
#2469 Posted : Monday, April 16, 2018 2:31:25 PM
Rank: New-farer


Joined: 2/8/2018
Posts: 26
Location: KISUMU
Since most MP's are known to be heavily indebted, thus due to self interest, its unlikely that they will repeal the interest capping law. I think that we will soon see a downward correction of banking stocks which have had a bullish run over the past few weeks.
obiero
#2470 Posted : Monday, April 16, 2018 2:49:54 PM
Rank: Elder


Joined: 6/23/2009
Posts: 9,376
Location: nairobi
RIEK01 wrote:
Since most MP's are known to be heavily indebted, thus due to self interest, its unlikely that they will repeal the interest capping law. I think that we will soon see a downward correction of banking stocks which have had a bullish run over the past few weeks.

Ditto
DISCLAIMER: @obiero, MBA-MIS, CISA. Opinionated, owner of www.winda.co.ke. Aims to be factual and logical..
Ericsson
#2471 Posted : Tuesday, April 17, 2018 11:28:51 AM
Rank: Elder


Joined: 12/4/2009
Posts: 4,929
Location: NAIROBI
https://www.standardmedi...prefer-brick-and-mortar

About 93 new bank branches were opened last year despite massive layoffs, migration to mobile-based technology and a shift to agency models, a new survey shows. According to the Cytonn Investments 2017 Banking Sector Report, this year alone, National Bank has opened two new branches in Nandi Hills and in Kitale as it targets the expanding agribusiness sector.
NIC Bank, on the other hand, has opened four new branches in Malindi, Watamu, Kilifi and Diani. The report, released yesterday, says following 39 branch closures, more than 1,620 bank employees lost jobs last year in the financial institutions’ effort to contain costs while taking advantage of disruptions by the interest rate cap. “With rising operating expenses in the sector and the expected reduced margins owing to the enactment of the Banking (Amendment) Act, 2015, 11 banks announced plans to downsize. Close to 1,620 bank employees were laid off and 39 branches closed, but the total number of branches in the sector rose to 1,182 in the financial year 2017 from 1,089 in the financial year 2016,” said Cytonn. The investment firm’s numbers were modest as it could not establish how many workers left some of the lenders. Cytonn said, for instance, that the number of struggling Family Bank’s employees who left remains unspecified. The lender let go of 100 staff in December 2016 and a further 150 in December 2017. Banks had 28,009 employees on their books as at August 2016, but the wave of layoffs left 26,076 employees as at June 2017. According to the banking sector lobby - Kenya Bankers Association (KBA) - its members cut 1,933 jobs between August 2016 and the end of June this year due to the reality of the rate cap. According to Cytonn, Equity Bank lost the highest number of staff, 400, followed by Barclays Bank of Kenya at 301 and Standard Chartered at 300.The country’s biggest lender by assets, Kenya Commercial Bank (KCB), laid off 223 employees, while Commercial Bank of Africa closed the most branches at 12. Banks took advantage of the rate cap law to declare a crisis and opted to send workers home to manage costs. The layoffs have, however, come at a cost, including severance packages for early staff retirement. “We expect to see a short-term spike in cost to income ratios as result of managements’ tough decisions on staff rationalisation, branch closures and investments in technology. Going forward, these actions will trim the excess fat, making banks leaner and more efficient to face the future,” said Standard Investment Bank. Most employees have now been replaced by agents and mobile banking channels.
KulaRaha
#2472 Posted : Tuesday, April 17, 2018 2:52:42 PM
Rank: Elder


Joined: 7/26/2007
Posts: 6,223
Even if the rate cap disappears tomorrow, no credit will increase as long as GoK keeps borrowing like an addict looking to buy a fix.

Keep dreaming!
Business opportunities are like buses,there's always another one coming
Ericsson
#2473 Posted : Tuesday, April 17, 2018 4:13:32 PM
Rank: Elder


Joined: 12/4/2009
Posts: 4,929
Location: NAIROBI
KulaRaha wrote:
Even if the rate cap disappears tomorrow, no credit will increase as long as GoK keeps borrowing like an addict looking to buy a fix.

Keep dreaming!


GoK has reverted to reducing the borrowing by slashing the development budget.
Still it will take time for credit pickup to stimulate the economy.
washiku
#2474 Posted : Tuesday, April 17, 2018 6:22:16 PM
Rank: Chief


Joined: 5/9/2007
Posts: 12,987
Uhuru just said in London that the law will either be repealed or modified. Engagements with Parliament ongoing.
#ChathamHouse Lecture
tandich
#2475 Posted : Tuesday, April 17, 2018 9:29:57 PM
Rank: Member


Joined: 5/6/2008
Posts: 88
KulaRaha wrote:
Even if the rate cap disappears tomorrow, no credit will increase as long as GoK keeps borrowing like an addict looking to buy a fix.

Keep dreaming!


The theory is borrowing costs will go up and 'encourage' GoK to borow less. Banks (the only winners) will be at will to charge Wanjiku even more. One wonders if there's a better solution; where everyone can win a little.

The probability of the executive forcing this through Parliament by September is slim to minimal.
Gatheuzi
#2476 Posted : Wednesday, April 18, 2018 7:26:49 AM
Rank: Veteran


Joined: 8/16/2009
Posts: 962
Mps will simply be offered preferential rates and that will be the end of the story. Once a simple clause is inserted to guarantee their interests are safeguarded, the law will be ammended.
Time is money, so money is time. Money saved is time gained in reverse!
newfarer
#2477 Posted : Wednesday, April 18, 2018 7:52:44 AM
Rank: Elder


Joined: 3/19/2010
Posts: 2,920
Location: Uganda
to me this law was the best thing to happen from Kenyan parliament.let the cap remain
punda amecheka
Ericsson
#2478 Posted : Wednesday, April 18, 2018 8:51:11 AM
Rank: Elder


Joined: 12/4/2009
Posts: 4,929
Location: NAIROBI
Gatheuzi wrote:
Mps will simply be offered preferential rates and that will be the end of the story. Once a simple clause is inserted to guarantee their interests are safeguarded, the law will be ammended.


That is very true,spoken like a true wazuan
newfarer
#2479 Posted : Wednesday, April 18, 2018 11:03:31 AM
Rank: Elder


Joined: 3/19/2010
Posts: 2,920
Location: Uganda
Ericsson wrote:
Gatheuzi wrote:
Mps will simply be offered preferential rates and that will be the end of the story. Once a simple clause is inserted to guarantee their interests are safeguarded, the law will be ammended.


That is very true,spoken like a true wazuan

that won't sell .they know they won't be re-elected so they can dig a pit the they can't fit in when. they revert to wanjiku in 2023
punda amecheka
aemathenge
#2480 Posted : Wednesday, April 18, 2018 11:30:47 AM
Rank: Elder


Joined: 10/18/2008
Posts: 2,888
Location: Kerugoya
What would happen if the government were to borrow from Wanjiku directly, through mobile phone, completely by-passing the banking industry?

During the initial days of the HE Kibaki Era, the then Finance Minister, Mwiraria reduced government reliance on borrowing by accentuating tax collection.

He further reduced the amount of money banks had to deposit with Central Bank.

The result was that banks started hawking loans on street pavements, offices, and in the villages.

As such, should an initiative to convince the Class of 2013 Mpigs to do away with the Capping, why not by-pass banks altogether and instead borrow from Wanjiku directly.

Just a thought. Just a thought.
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