Nairobi, Nov. 9 -- Treasury Cabinet Secretary John Mbadi has backed the removal of his office from approving interest rate changes in the review of the Banking Act, shielding lenders from refunding borrowers billions of shillings for illegal loan charges.

CS Mbadi reckons that the Central Bank of Kenya (CBK), and not the Treasury, should approve changes to commercial bank interest rates given its capacity for oversight and enforcement.

Published by HT Digital Content Services with permission from Business Daily....