August 30, 2018 / 10:07 AM / 3 months ago

Kenya's parliament approves retaining interest rate cap

NAIROBI, Aug 30 (Reuters) - Kenya’s parliament has voted to retain the cap on commercial interest rates that the International Monetary Fund has insisted must be scrapped or modified in return for a new standby arrangement.

Lawmakers also voted to delay a proposed 16 percent tax on petroleum products for two more years, citing the high cost of living — a move that will be a blow to government efforts to raise revenues through higher taxes. (Reporting by John Ndiso, Humphrey Malalo and George Obulutsa Writing by Maggie Fick Editing by Alison Williams)

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