June 18, 2018 / 12:58 PM / a month ago

Kenyan lawmaker says "sure" move to repeal rate cap will be defeated

NAIROBI, June 18 (Reuters) - The Kenyan lawmaker who successfully proposed a cap on commercial banks’ lending rates is “sure” last week’s move by the finance minister to repeal it will be defeated in parliament, he told Reuters on Monday.

“I’m pretty sure this is something that is not going to sail through,” Jude Njomo told Reuters, reacting to the minister’s budget speech, which proposed repeal of the cap that was imposed in 2016. (Reporting by Duncan Miriri Editing by George Obulutsa and Toby Chopra)

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