Kenyan bank shares up after parliament passes rate cap repeal

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A general view shows the Equity Bank headquarters in the Upper Hill district of Kenya’s capital Nairobi, March 8, 2016. REUTERS/Thomas Mukoya/File Photo

NAIROBI (Reuters) – Kenyan bank shares gained in early trade on Wednesday after President Uhuru Kenyatta’s bid to remove a cap on commercial lending rates was passed in parliament on Tuesday, a move that could boost the flow of credit to the economy.

Equity Bank rose 4.93% to 50.0 shillings ($0.4854), while KCB Group jumped 5.97% to 53.25 shillings, Refinitiv data showed.

($1 = 103.0000 Kenyan shillings)

Reporting by Omar Mohammed; editing by Elias Biryabarema and David Evans

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