‘Pornographic profits’ blamed for banks’ interest rate cap at presidential debate

July 17, 2017
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Kariara said if elected, Kaluyu will increase the tax base and ensure all loopholes in tax collection are sealed/COURTESY

, NAIROBI, Kenya, Jul 17 – Eliud Kariara, Independent presidential candidate Japheth Kaluyu’s running mate, it is the banks’ own fault that interest rates cap came into effect last year saying that they were making what he termed as ‘pornographic profits’.

Kariara who seemed to agree with the government that interest rates were too high for Kenyans, however says the capping has deteriorated the growth of the private sector.

He is of the view that interest rates are important, but measures have to be taken to force banks to lend to the private sector.

Kariara was the only running mate who appeared for the much-awaited running mates’ debate.

Kariara took to the podium after it became clear that none of the running mates of the eight presidential elections were keen to face-off in a televised debate.

On the economy, the brave Kariara says their vision is on job creation for the youth as well as focusing on agricultural investment in a bid to make Kenya self-reliant.

“We are also planning to abolish Value Added Tax (VAT), lower the tax burden by increasing the tax bracket,” he said.

Increasing the tax bracket, he says will lower government reliance on debt that is now over 50 per cent of Kenya’s Gross Domestic Product (GDP).

Kariara showed up despite his candidate Kaluyu, in a joint press briefing with Thirdway Alliance’s Ekuru Aukot and independent candidates Michael Wainaina, indicating that he would only show up on condition that all the candidates appear.

Central Bank of Kenya Governor Patrick Njoroge is on record saying four Kenyan banks were among the best performing banks in the world in terms of Return on Investment during the interest rates free period.

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