September 18, 2019 / 8:16 AM / a month ago

Kenya parliament committee says commercial lending rate caps should stay - document

NAIROBI, Sept 18 (Reuters) - A Kenyan parliamentary committee on Wednesday rejected the finance ministry’s request to scrap commercial lending rate caps, a document seen by Reuters showed.

The Finance and National Planning Committee had instead recommended that the law placing caps be rewritten to give it more clarity.

The finance ministry had asked for the cap to be scrapped, while presenting the 2019/20(July-June) fiscal budget. The ministry said the cap, in place since 2016, has stifled lending to small and medium businesses in East Africa’s richest economy. (Reporting by George Obulutsa; writing by Omar Mohammed; editing by Maggie Fick)

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