Kenya’s president rejects finance bill which kept rate caps

Kenya’s President Uhuru Kenyatta has rejected the 2019/20 budget demanding that lawmakers remove a cap on commercial lending rates, a…

Kenya’s President Uhuru Kenyatta has rejected the 2019/20 budget demanding that lawmakers remove a cap on commercial lending rates, a senior lawmaker and a local daily said on Thursday. In 2016, the government limited rates banks can charge customers to four percentage points above the central bank’s benchmark – currently 9% – saying they were concerned about high rates.

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