Kenya banks take govt to court over rate law

KENYA - Kenyan banks have taken the government to court to challenge a new law to regulate interest rates, as it would apply retroactively to loans already issued, officials said on 21 August.

The Kenya Bankers Association (KBA), on behalf of 48 banks, has challenged the law because it would cut interest rates on all loans issued since January 1 and reduce bank profits.

The case, which names Finance Minister Chris Okemo and Attorney-General Amos Wako as respondents, will be heard at Kenya's Hig