"The areas where credit moves GDP much more is areas like trade and credit in trade is growing," he said. The government says the cap aimed to stop banks charging excessive rates on smaller businesses, but economists say smaller firms that are vital to create jobs cannot secure loans. "It exerts a needless cost on the Kenyan economy, for very little gain, and further complicates any poverty alleviation effort," Razia Khan, head of Africa research at Standard Chartered in London, told Reuters. The International Monetary Fund said in a report on Jan. 25 that Kenya's economic outlook was positive but rate controls were a drag. "It is essential to remove these controls, while taking steps to prevent predatory lending and increase competition and transparency of the banking sector," it said.
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