Skip to document content Go to main menu Go to search

Regulation of Interest Rates and Terms of Credit of Specified Banks and Specified Financial Institutions

Gazette Notice 1617 of 1990

This is the version of this Gazette Notice as it was from 6 April 1990 to 30 December 2022. Read the latest available version.
Regulation of Interest Rates and Terms of Credit of Specified Banks and Specified Financial Institutions
Citation
Gazette Notice 1617 of 1990
Primary work
Central Bank of Kenya Act
Date
Language
English
Type
Gazette Notice
Related documents
Skip to document content
LAWS OF KENYA

CENTRAL BANK OF KENYA ACT

REGULATION OF INTEREST RATES AND TERMS OF CREDIT OF SPECIFIED BANKS AND SPECIFIED FINANCIAL INSTITUTIONS

GAZETTE NOTICE 1617 OF 1990

  • Published in Kenya Gazette Vol. XCII—No. 14 on 6 April 1990
  • Commenced on 1 April 1990
(a)The minimum rate of interest payable by specified banks and specified financial institutions on deposits or savings shall be 13.5 per cent per annum.
(b)The maximum rate of interest which specified banks may charge for loans or advances granted for a term not exceeding three (3) years shall be 16.5 per cent per annum calculated on a reducing balance method, with monthly rests.
(c)The maximum rate of interest which specified banks may charge for loans or advances granted for a term exceeding three(3) years shall be 19 per cent per annum calculated on a reducing balance method, with monthly rests:Provided that interest rates on term loans granted for a period exceeding three (3) years outstanding in the books of specified banks on 31st March, 1990, shall continue at existing rates until 31st March, 1991, when interest rates may be re-negotiated between the parties subject to the maximum interest rate of 19 per cent per annum.
(d)maximum rate of interest which specified financial institutions may charge for loans, advances or instalment facilities shall be 19 per cent per annum calculated on a reducing balance method, with monthly rests.This notice shall be deemed to have come into effect on 1st April, 1990, and supersedes Gazette Notice No. 4939 of 1989 and Gazette No. 1458 of 1990.
▲ To the top

History of this document

31 December 2022
Read this version
06 April 1990 this version
Published in Kenya Gazette 14
01 April 1990
Commenced