Treasury insists bank rate cap must be repealed for the benefit of SMEs

The National Treasury is admitting once again that the bank rate cap is hurting small and medium enterprises, the very cadre of society that it was meant to assist. With that admission, the Government now faces an uphill task to have the law repealed or scrapped through Parliament. Since it came into force in 2016, the interest rate cap law has had an adverse impact on the economy leading to reduced credit to the private sector coupled with the scaling up of investment in Government Paper by banks.

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