Rank: Elder Joined: 12/4/2009 Posts: 10,808 Location: NAIROBI
|
Fyatu wrote:Ericsson wrote:Fyatu wrote:Ericsson wrote:HaMaina wrote:Ngalaka wrote:HaMaina wrote:HaMaina wrote:Fyatu wrote:Uhuru Kenyatta is the man squarely behind the rate cap. You cannot tell me that he does not know that things have slowed down since the cap came to effect.He knows.
The interest rate cap will be repealed when he leaves office post 2022. Hiyo ingine yote ni kelele. True the rate cap has helped us against the greedy loan shark banks, and I'm sure it wount go through parliament. The problem is according to the judgement around February, where a judge actually called it unconstitutional and illegal, and gave parliament a year to correct the law otherwise it would be repealed without any further court appearance(i.e returns to its original state). My issue is we have forgotten about that ruling and our chicken memory governors and mp's will not remember to do anything about the law. I can bet you nnext year the interest rates will most likely increase, and we shall have no one to blame but ourselves for not following up on the ruling. Here is the link. https://www.businessdail...6434-6a9knqz/index.html Hence the proposal by Henry Rotich. Last 2 years budgets there have been similar proposals, this time its there to close our eyes and forget the judgement deadline. MPs are negotiating that for the law to be repealed anyone who took a loan before should continue at the same interest rates. New applicants are the ones to be subjected to the new rates. Are you able to provide evidence of this assertion via a link/reference @Ericsson? @Fyatu Hon Sam Atandi @SamuelAtandi Jun 13
Repeal of interest cap law is a progressive proposal. However, its passage must exempt application of new interest rates on existing loan portfolio which should be considered permanently less risky
I reiterate that this is a Uhuru Kenyatta sponsored bill tabled in parliament by his proxy Jude Njomo. The rate cap is not going anywhere unless Uhuru Kenyatta leaves state house. Rotich should stop lying to Kenyans that he is making efforts towards a different outcome. It has come to pass, TBT Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
|