October 30, 2019 / 4:11 AM / 16 days ago

Kenyan parliamentary panel recommends rate cap repeal -report

NAIROBI, Oct 30 (Reuters) - The finance committee of Kenya’s parliament has recommended that the house should repeal a cap on commercial lending rates in line with the president’s demands, the Daily Nation reported on Wednesday.

The team proposed that existing loans be shielded from any increases in rates even after the cap is repealed, the newspaper reported, citing a report by the committee issued on Tuesday.

Reporting by Duncan Miriri Editing by Shri Navaratnam

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