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Kenya seeks higher deposit guarantee after bank closure

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Nairobi - Kenya's parliament is considering a proposal to raise the amount of bank deposits guaranteed in case of a collapse by 20 times to 2 million shillings ($19 800) per customer, the lawmaker who sponsored the amendment said on Friday.

Depositors and investors in East Africa's largest economy were rattled on April 7 when the central bank took control of mid-sized Chase Bank after it failed to meet its obligations.

It was the third mid-sized or small lender to be put into receivership in nine months.

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