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Author: admin | Category: Lease Car Calculator | Date: 22.09.2014

Last week the Treasury reduced interest rates for both the Treasury instruments and the interbank rates. The interest rates environment in Kenya has witnessed volatility over the last calendar year, with a sharp increase in rates being the trend hitting mid twenties. Kiprono said the appetite for domestic borrowing should be managed in order to contain interest rates, inflation and more so, economic growth. However even as the World Bank and the International Monetary Fund are not worried of Kenya’s debt situation, some economic experts are raising fears that the debt challenges will likely disrupt refunding operations in 2016 owing to bunching of maturities.
Much has been said about how young people need to be more of job creators than job seekers.
President Uhuru Kenyatta’s signature is the only remaining hurdle to lower interest rates on loans and higher returns for deposits. Thursday, MPs defied strong lobbying by commercial banks to unanimously pass a Bill that intends to regulate interest rates applicable to bank loans and deposits, and prescribes punitive penalties for bank officials who violate the requirement. The Banking (Amendment) Bill, 2015, provides that banks shall not charge interest above four per cent of Kenya Banks Reference Rate (KBRR). It adds that customers will be entitled to interest of up to 70 per cent on their deposits. Presently, bank lending rates are linked to KBRR, which is based on averages of the monetary policy rate and the 91-day Treasury bill yield over six months. Although the current CBK base lending rate is 11.5 per cent, banks are allowed to set their rates based on the risk profile of customers. The amendment to the law approved by MPs also stipulates that bank chief executives who violate the new regulations will be imprisoned for terms of not less than one year. Banks have been under a lot of pressure to lower interest rates, with claims that some had run rogue. Frazzled investors sent Europe’s top indexes falling by more than one percent in late morning trade after a choppy session on Asian bourses, and analysts predicted more turbulence ahead.
The measures are not only aimed at boosting cash flow in China, but also to revive confidence that Beijing can steer the economy away from a hard landing and keep global growth on course. The Chinese rate cut initially fuelled a rebound in Europe on Tuesday but optimism fizzled by the end of the US session, and on Wednesday Asian markets see sawed in nervous trade. Chinese stocks have lost more than 40 percent of their value since a year-long, debt-fuelled rally collapsed in June, prompting Beijing to unleash unprecedented market support measures, including using state-backed vehicles to buy up shares.

The bank has now cut interest rates five times since November in a bid to spur the slowing economy as concerns mount it may miss its seven percent growth target for the year. But international investors said more would must be done to fully reassure markets, especially as the US Federal Reserve is expected to raise interest rates for the first time in nearly a decade by the end of 2015. Kenyans expect President Uhuru Kenyatta to announce a decision this week, which will lay to rest speculations on bank lending rates.
The Banking (Amendment) Bill, 2015, intends to regulate interest rates that are applicable to banks’ loans and deposits and is currently before him, awaiting presidential assent.
Analysts have cautioned that capping interest rates will eventually lead to the growth of informal lending cartels that charge high interest rates and shylocks.
The Central Bank of Kenya (CBK), while appreciating the underlying sentiments about the need to lower the overall cost of credit, also expressed concern over the adverse consequences of capping interest rates.
These, it noted, would include, inefficiencies in the credit market, credit rationing, promotion of informal lending channels, and undermining the effectiveness of monetary policy transmission.
The International Finance Corporation (IFC), has announced the launch of a web portal to accelerate the development of energy mini-grids in Tanzania. A school girl in Kirimankari Boarding Primary School tells how Female Genital Mutilation leads to school dropout and early marriages. The Speaker of Ghana’s Parliament, Edward Doe Adjaho has tasked the Minister for Roads and Highways, Inusah Fuseini to impress on the Minister for Communications and other Ministries responsible for the Assembly Press to pay the electricity bill of the Press for it to be connected to the National Grid to enable it to execute its work effectively.
Citing Article 11 (7) of the 1992 Constitution to support his argument, the Minister contended that ‘the internal processes are that when papers are laid and gazzetted, they must be distributed.
The Speaker clarified that ‘there is no confusion at all upon Article 11 of the Constitution.
Recalling an event, the Speaker said that for the two Constitutional Instruments, he set up a team, chaired by his First Deputy Speaker to ensure that the Assembly Press made those copies available for them. The Speaker corrected an impression the Minister made on the floor of the House that the internal processes that would lead to the distribution of papers was in full control of parliament.
The issue cropped up on the floor of the House when the Lawmakers were considering the Report of the Subsidiary Legislation Committee on the Electronic Communications (Interconnect Clearinghouse Service) Regulations, 2016. There has been a liquidity crunch especially for the small banks as depositors shift their funds to the large tier 1 banks, hence Central Bank of Kenya providing the liquidity,” said Kevin Kiprono, Senior Portfolio Manager Pan Africa Asset Management. We are waiting to see whether this target will be revised in December as the government shifts to borrow more externally,” Kiprono explained.

A bank or financial institution that contravenes the provision commits an offence and shall be liable to a fine of not less than Sh1 million," reads part of the Bill. This has seen interest rates on loans skyrocket to a high of 30 per cent, to the disadvantage of borrowers.
It will avoid a situation where the law is not clear on what is supposed to happen in case the fines are not paid," said Njomo. The Central Bank Governor should move fast and ensure that the provisions of this Bill are implemented," said Mwangagi. The Bill sponsored by Kiambu town MP Jude Njomo, was passed by the National Assembly in its Third Reading recently. There is nothing really to add at this point,” noted State House Spokesperson Manoah Esipisu. Members, if you don’t discourage this practice, what it will mean is that because we don’t have the power of Amendment, somebody can decide to lay a paper and use technical reasons to block the distribution of that paper. Yatta MP Francis Mwangangi praised the amendment and noted that in an economy like Kenya's, it did not make sense to see financial institutions declaring profits of over Sh10 billion. The twenty-one (21) sitting days will elapse and then parliament, who is given delegated legislative powers to pass Subsidiary Legislation, might not be in the position to look at it to see whether it is consistent with the Parent Act of the Constitution’, the Speaker warned. I will not want to support a precedent where a paper is laid, and it takes about one month before Members get that paper. Tell your colleague Ministers to pay the Electricity Bill of the Assembly Press so that they can connect them to the National Grid so that they can work’, the Speaker informed the Minister. Members, it is important to put these things in perspective otherwise the signal that will be sent to the whole country and indeed the whole world is that we frustrated the distribution of the document after it was gazzetted to the House. The Assembly Press is not under the Parliament of the Republic of Ghana and I want to put that point on record’. 2016, This is before adding the three months, six months and one year bills we borrowed and continue to borrow this year and that will mature in 2016,” said Mohamed Wehliye, a Senior Vice President, financial risk management, Riyadh Bank, who argues that this can only be dealt with through more borrowing.

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