Kenya bill to control bank interest rates passed

Kenya's parliament today passed with amendments the Donde bill that seeks to regulate interest rates charged by commercial banks. Banks scored victory when finance minister Chris Okemo successfully pushed through an amendment that increases the ceiling between the treasury bill rates and interest rates chargeable on loans to 4%. Donde had sought to have a 3% ceiling.

The amendment however passed on condition that the total interest chargeable by any institution does not exceed the principal sum

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