June 14, 2018 / 2:38 PM / 2 months ago

Kenya proposes amending banking act in a move that will repeal rate cap

NAIROBI, June 14 (Reuters) - Kenya’s Finance Minister Henry Rotich on Thursday said he would propose to repeal a cap on commercial lending rates, as he presented a budget including a new tax on financial transactions.

“I propose to amend the Banking Amendment Act 2016 by repealing section 33b of the said act,” he said, referring to the section of the law that sets the cap on interest rates for commercial lenders. (Reporting by John Ndiso and Duncan Miriri Editing by Maggie Fick and Alison Williams)

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