Kenya
Kenya

,

Kenyan Bank Shares Fall After Lending Rates Capped


Kenyan bank shares fell sharply at the start of trade on Thursday after the country’s president signed a law capping commercial banks’ interest rates.

Shares in KCB Group, which operates Kenya’s biggest bank by assets, fell 9.9 percent to trade at 29.50 shillings ($0.2912) per share. Shares in Co-op Bank of Kenya and Equity Bank were down by a similar margin.

ALSO READ  Kenya's Parliament Passes Law To Cap Bank Lending Rates

Traders said there were millions of shares on offer without matching bids.

($1 = 101.3000 Kenyan shillings) (Reporting by Duncan Miriri and George Obulutsa; editing by Jason Neely)

 

 

Loading...

Leave a Reply

Your email address will not be published. Required fields are marked *