Kenyan High Court strikes down law capping interest rates
But court rules law did not infringe central bank’s mandate and says caps could be brought back
Kenya’s central bank welcomed a decision by the country’s High Court, which annulled 2016 amendments to the country’s Banking Act that allowed caps on interest rates.
The High Court of Kenya ruled on March 14 sections of the law capping the interest charged on credit facilities were “unconstitutional”.
“Section 33B (3) of the Banking Act is hereby declared unconstitutional, null and void for being discriminatory,” ruled the court. It also said the section was “ambiguous, imprecise and
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