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Law Capping interest rates
Rank: Elder Joined: 7/21/2010 Posts: 6,175 Location: nairobi
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I thought the courts gave this law 1year for being unconstitutional,was there any successful appeal? "Don't let the fear of losing be greater than the excitement of winning."
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Rank: Member Joined: 10/6/2009 Posts: 587
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Rank: Veteran Joined: 1/20/2011 Posts: 1,820 Location: Nakuru
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mlennyma wrote:I thought the courts gave this law 1year for being unconstitutional,was there any successful appeal? Yes, true. The courts ruled the caps unconstitutional and recommended ammendments. Parliament has until March 2020 to change the wording of the Act. Looks like Jude Njomo/parliament might deliver by end of this month thus the need for some obstruction(Slay queen in Naivasha etc). Dumb money becomes dumb only when it listens to smart money
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Rank: Elder Joined: 12/4/2009 Posts: 10,636 Location: NAIROBI
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The real goal should be reduced government spending, rather than balanced budgets achieved by ever rising tax rates to cover ever rising spending. - Thomas Sowell Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Rank: Veteran Joined: 1/20/2011 Posts: 1,820 Location: Nakuru
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Fyatu wrote:mlennyma wrote:I thought the courts gave this law 1year for being unconstitutional,was there any successful appeal? Yes, true. The courts ruled the caps unconstitutional and recommended ammendments. Parliament has until March 2020 to change the wording of the Act. Looks like Jude Njomo/parliament might deliver by end of this month thus the need for some obstruction(Slay queen in Naivasha etc). Jude Njomo and team have delivered. The bill will be on Uhuru's desk come Monday. CBK governor was recently quoted saying that he was confident that the interest law cap would be repealed.... "its not a question of if but when"... said the CBK boss.What does Dr. Opus know that wazuans don't know? Monday it is.. Dumb money becomes dumb only when it listens to smart money
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Rank: Veteran Joined: 8/28/2015 Posts: 1,247
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Praying for Njomo and the parliament in general to be sober at this moment of temptations, Akothee will keep her legs lip at this time of mutual need. ,Behold, a sower went forth to sow;....
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Rank: Elder Joined: 9/23/2010 Posts: 2,218 Location: Sundowner,Amboseli
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Back to laissez faire......as Ouru reportedly refuses to sign the Finance Bill until the rate cap is axed, according to CBG Njoroge  https://www.bloomberg.co..._twitter_impression=true@SufficientlyP
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Rank: Veteran Joined: 8/10/2014 Posts: 953 Location: Kenya
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[quote=Sufficiently Philanga....thropic]Back to laissez faire......as Ouru reportedly refuses to sign the Finance Bill until the rate cap is axed, according to CBG Njoroge https://www.bloomberg.co...twitter_impression=true[/quote] Looks like there is some dim light at the end of the tunnel
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Rank: Member Joined: 1/18/2019 Posts: 185 Location: kenya
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Rank: Member Joined: 3/9/2010 Posts: 320 Location: kenya
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Coz he has stopped caring about anything but himself, The rate cap will be removed. Biashara iendele. Work hard at your job and you can make a living. Work hard on yourself and you can make a fortune.
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Rank: Elder Joined: 12/4/2009 Posts: 10,636 Location: NAIROBI
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https://www.bloomberg.co...-central-bank-head-says
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Rank: Member Joined: 8/19/2015 Posts: 124
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Following the CBA and NIC merger, this move was eminent. It might be the only role Uhuru was given by the family to ensure they reap big in interest income!!!!
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Rank: Elder Joined: 12/4/2009 Posts: 10,636 Location: NAIROBI
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[quote=Sufficiently Philanga....thropic]Back to laissez faire......as Ouru reportedly refuses to sign the Finance Bill until the rate cap is axed, according to CBG Njoroge https://www.bloomberg.co...twitter_impression=true[/quote] News you don't find on business daily Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Rank: Member Joined: 5/2/2018 Posts: 267
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Ericsson wrote:[quote=Sufficiently Philanga....thropic]Back to laissez faire......as Ouru reportedly refuses to sign the Finance Bill until the rate cap is axed, according to CBG Njoroge https://www.bloomberg.co...twitter_impression=true[/quote] News you don't find on business daily It's on the front-page, Business Daily today -- or which one are you reading?
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Rank: Member Joined: 9/14/2011 Posts: 834 Location: nairobi
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if the rates are scrapped, will the existing loans be repriced?
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Rank: Veteran Joined: 1/20/2011 Posts: 1,820 Location: Nakuru
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which bank at current prices will deliver > 5 bagger?I dont see KCB and Equity rallying x5times i.e., There is no way KCB and Equity will rally to 200bob. Thus i repeat the question....which listed bank will deliver greater than 5 bagger? Lets speculate Dumb money becomes dumb only when it listens to smart money
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Rank: Elder Joined: 12/4/2009 Posts: 10,636 Location: NAIROBI
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Fyatu wrote:which bank at current prices will deliver > 5 bagger?I dont see KCB and Equity rallying x5times i.e., There is no way KCB and Equity will rally to 200bob. Thus i repeat the question....which listed bank will deliver greater than 5 bagger? Lets speculate None Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Rank: Elder Joined: 12/7/2012 Posts: 11,901
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I hope the reversal of interest rate cap will improve CBK T-bill and T-bond rates. Those in the know, what do you think/any comment? In the business world, everyone is paid in two coins - cash and experience. Take the experience first; the cash will come later - H Geneen
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Rank: Member Joined: 7/1/2009 Posts: 246
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Angelica _ann wrote:I hope the reversal of interest rate cap will improve CBK T-bill and T-bond rates. Those in the know, what do you think/any comment? CBK has no choice but to improve those rates, if the Big 4 Agenda is still on the table...it's the only way to compete for funds with the private sector.
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Rank: Elder Joined: 12/4/2009 Posts: 10,636 Location: NAIROBI
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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
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Law Capping interest rates
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