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New law requires to cap interest rates at 4% above CBR rate

The Central Bank’s monetary policy committee has reduced the Central Bank rate commonly referred to as the CBR by 50 basis points to 10 percent.
This essentially means that commercial banks will charge interest rates on loans at 14 percent flat down from 14.5 percent that was adopted after the Banking Act 2015 became law.
With the Monetary Policy Committee being charged with the responsibility of reviewing the CBR on a bi-monthly basis could it by default through the Banking act have become one of the most influential government institutions that can steer the direction in which the economy is headed by setting the interest rates which banks must comply with immediately?

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