NAIROBI, Kenya — Kenya’s president on Wednesday said he signed into law a bill that caps interest rates for bank lending and deposits, saying it is clear that Kenyans are frustrated with the “lack of sensitivity” by the financial sector. “These frustrations are centered around the cost of credit and the applicable interest rates on their hard-earned deposits. I share these concerns,” President Uhuru Kenyatta said. Proponents for capping interest rates say rates of up to 21 percent have been stifling economic growth in this East African country. The new amendment caps banks’ lending interest rates to no more than 4 percentage points above the Central Bank rate, currently at 10.5 percent. The Kenya ...
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