Kenya’s Commercial Banks have immensely gained after the High Court in Nairobi on Thursday quashed the Banking (Amendment) Act 2016, which capped interest rates, terming it as unconstitutional.
A three-judge bench made the ruling following a petition filed by a Nairobi resident Boniface Oduor, who moved to court in 2016 to challenge the law which capped interest rates at four percent above the Central Bank Rate (CBR), which is currently at 9%.
However, renowned senior counsel Ahmednasir Abdullahi has rebuked the ruling accusing Kenyan courts of manipulation.
Will have to read this judgment very keenly but I can't see what is UNCONSTITUTIONAL about an interest rate cap…but anything is possible in a KENYAN court…anything…
— Ahmednasir Abdullahi SC (@ahmednasirlaw) March 14, 2019
“Will have to read this judgment very keenly but I can’t see what is UNCONSTITUTIONAL about an interest rate cap…” tweeted the flamboyant lawyer.