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Githae wants bank to lower rates

15 February 2012, 16:02

Nairobi – Acting Finance Minister Robinson Githae has called on commercial banks to lower interest rates to allow for the continued growth of the emerging middle class that has been hardest hit by the rising rates.

Githae said he will open up talks with banks next week to formulate a way of cutting rates ahead of Parliament’s debate on amending the Finance Bill and the Banking Act.

“Members are telling me that if I want them to withdraw the amendments to the Banking Act to cap interest rates, the banks must show that they are determined to reduce interest rates,” he said.

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