Kenya banks try to head off interest rate controls

Kenya's commercial banks have offered to reduce interest rates on their loans in a move aimed at persuading parliament not to introduce tight controls on lending rates.

Parliament will this week debate a bill which seeks to peg commercial bank lending rates at 3% above the treasury bill interest rate. Industry analysts said the banks' offer to cut rates was unlikely to satisfy the bill's sponsors. The bill has generated public support but the banks warn it could, if passed, lead to massive lay

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