Kenya’s Treasury evade rate cap disclosure in draft law

By Steve UMIDHA On May 24, 2018

Kenya’s Treasury avoided mentioning a cap on commercial-bank lending rates in a draft law on the conduct of the financial sector that was published for public comment late on Wednesday.

Kenya capped commercial lending rates in September 2016 at 4 percentage points above the central bank’s benchmark rate, which now stands at 9.5 percent, in an attempt to limit the cost of borrowing for businesses and individuals.

Source: Reuters, NAIROBI.

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Steven Umidha is a data and financial journalist with over 14 years of work experience in journalism and communication.

He specialises in finance and economics reporting as well as on the causes, impacts, and solutions of global warming, conservation, pollution and sustainability, often blending scientific literacy with journalist ethics, while involving policy analysis and multimedia storytelling across various platforms in highlighting issues from biodiversity loss to ecological justice.

Besides being the Founder of Financial Fortune Media, Umidha has previously worked with the Standard Media Group, Mediamax Networks LTD, bird story agency, Business Journal Africa, and Financial Post among other outlets.

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