Central Banking

Capping interest rates could affect credit, says Kenyan president

Uhuru Kenyatta signs Banking (Amendment) Bill. Photo: Office of the President

The president of Kenya has signed the country's Banking (Amendment) Bill into law, despite acknowledging it could give rise to unregulated and "exploitive" forms of credit.

In a statement published on August 24, president Uhuru Kenyatta confirmed he had passed the bill, which will restrict the interest rates banks may apply to loans and deposits.

"I have consulted widely and it is clear to me from those consultations that Kenyans are disappointed and frustrated with the lack of sensitivity by

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