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CBK accused of failing to whip banks to lower interest rates

Central Bank Governor Dr. Patrick Njoroge has maintained his silence over claims appearing in a section of the media that he has left consumers at the mercy of commercial banks over the interpretation and subsequent application of the law capping interest rates.
Njoroge was hard pressed by journalists at a press conference he had called to give an update on the Monetary Policy Committee’s reduction of the Central Bank Rate to 10 percent to comment on the allegations to which he said he would not comment despite experts raising concerns of the possibility of banks introducing hidden charges to cover the margins lost to interest rates caps

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