May 24, 2018 / 6:49 AM / 3 months ago

Kenya's Treasury avoids dealing with rate cap in draft law

NAIROBI, May 24 (Reuters) - Kenya’s Treasury avoided mentioning a cap on commercial-bank lending rates in a draft law on the conduct of the financial sector that was published for public comment late on Wednesday.

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.

Reporting by Duncan Miriri Editing by Maggie Fick, Larry King

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