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Report: Tanzania central bank plans cap on loan interest rates

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Report: Tanzania central bank plans cap on loan interest rates

The Bank of Tanzania is poised to introduce a cap on loan interest rates by March 2018, potentially making Tanzania the second country in East Africa to do so, the Daily News reported Dec. 18.

"The policy will be out in as early as March," Bernard Kibese, deputy governor for financial stability and deepening at the Bank of Tanzania, told the paper. He added that the central bank expects the cap to foster, instead of hinder, growth in the banking sector.

In 2016, the Kenyan government introduced a law capping banks' loan interest rates at 400 basis points above the Central Bank of Kenya's key rate.