April 17, 2018 / 3:37 PM / a year ago

Kenya could scrap or modify interest rate cap law -President

LONDON, April 17 (Reuters) - Kenya could modify or scrap a law that caps commercial lending rates, President Uhuru Kenyatta said on Tuesday.

Kenya capped commercial lending rates in September 2016 at 4 percentage points above the central bank’s benchmark rate, which now stands at 9.5 percent, in an attempt to limit the cost of borrowing for businesses and individuals.

“We have learned our lessons ... we recognise the limitations of the law,” Kenyatta said during a speech at London think tank Chatham House.

“We need to repeal it altogether or modify it to deal with the concerns that have been raised, especially from the financial sector.” (Reporting by Claire Milhench, writing by Karin Strohecker)

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