President Uhuru to soon pronounce on banking bill

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By Caroline Kamau

The president will make a substantive decision within the time frame specified to him by law regarding the banking bill.

According to statehouse spokesperson Manoah Esipisu, the President is keenly following the debate and will make an informed decision when the bill is finally forwarded to him.

The banking bill will be formally transmitted to the President tomorrow and the President has 14 days from the time the bill reaches him to pronounce himself.

The debate on the banking bill is one that has elicited quite the reaction. On the 27th of July, lawmakers passed a bill that seeks to cap bank interest rates at not more than four per cent above the Central Bank Rate.

The banks have put up a spirited fight forwarding various arguments on why the president should not ascent to the bill saying among others that if the bill becomes law  it would harm the economy and would result in the growth of informal, unregulated lending.

During his weekly briefing, statehouse spokesman Manoh Esipisu said the president has been keenly following the banking bill debate and will make a decision once the bill  is before him.

On the recently launched statehouse ministerial summits ,Esipisu said they were key in taking stock of various projects in various ministries, their success, challenges and way forward in ensuring the ministries work toward achieving the country’s development agenda.

On the upcoming TICAD summit Esipisu said the final preparations are underway as the country is looking forward to receiving the guests from all across Africa and from Japan who will include about 30 heads of government.

TICAD Summit will be focusing on health, trade and investment, the youth and governance issues.

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