October 30, 2019 / 6:33 AM / a month ago

Kenya's parliament asked by its finance panel to repeal rate cap

NAIROBI, Oct 30 (Reuters) - Kenya’s parliament should repeal a cap on commercial lending rates in line with the president’s demands, the finance committee of the legislature said in a report seen by Reuters on Wednesday.

The team proposed that existing loans be shielded from any increases in rates even after the cap is repealed, according to the committee’s report, which was issued late on Tuesday. (Reporting by Duncan Miriri Editing by Shri Navaratnam)

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