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Current interest rates unacceptable, says Rotich

28 October 2015, 12:40 Dennis Omido

Nairobi - Treasury Cabinet Secretary, Henry Rotich has said they are working on measures to lower down interest rates in the country.

Banks hiked lending rates following Central Bank's decision to tighten its monetary policy by increasing its benchmark rate but Rotich says that is unacceptable.

Speaking in Nairobi Tuesday, Rotich said they will start by lowering interest rates on Treasury bills before turning the focus on banks and other money lending institutions.

“The current level of interest rates is unacceptable and we are working on a strategy to have them brought down.

Read Also: Soaring lending rates hit hard mobile phone loan borrowers

“Interest rates on Central Bank of Kenya’s Treasury bills will come down this week and others will follow in due course,” Rotich said.

Rotich maintained that there is no serious cash crisis in government and that the delays in payments for essential services can be attributed revenue shortfall in revenue collection by Kenya Revenue Authority (KRA).

“There was a shortfall in collection of PAYE, customs duty and VAT, but we are working with KRA to have this issue addressed.

“We will also ensure that all our expenditures are productive and there is no wastage,” Rotich said.

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