IMF official criticises interest rate caps in speech honouring Kenyan central bank

Rate ceilings can interfere with central bank independence, Furusawa says

Controls might reduce access to the banking system for small borrowers like farmers and small business-owners, said IMF's Furusawa
Bruno Sanchez-Andrade Nuño

A senior IMF official strongly criticised governments that cap interest rates in a speech in Kenya, which last month passed a law imposing caps on interest rates.

Mitsuhiro Furusawa, deputy managing director of the International Monetary Fund, did not mention any country by name in the September 13 speech in Nairobi, Kenya's capital, in honour of the fiftieth anniversary of Kenya's central bank. Furusawa spoke to an audience including Kenyan central bank governor Patrick Njoroge.

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