Reviewing the rate cap won't solve much. I don't expect credit growth to rally much after the anticipated repeal for the simple reason that credit started shrinking in July 2015 - more than a year before the rate cap. Systemic risk won't dissipate merely coz of a piece of legislation. Liquidity preference will still be the default setting for banks in addition the govt is past a point of no return when it comes to deficit management aka it must continue its borrowing spree locally to stay afloat.

KE managed to squeeze its eurobond 2.0 before the March window slammed shut beyond which it would have been an extremely costly affair. External funding will be a very tricky endeavour going forward with international interest rates inching higher by the day. As for the NSE, I think it will continue its bearish structure in April as the bull window comes to a close by end of this month once the hype around the rate cap repeal dies down. Will be interesting to see where it finally bottoms out when the dust settles by late 2019, my bet is sub 2000.

The KE economy's waterloo seems slated for H2 2018. Increased taxes, more crowding out by govt, retrenchments in the public sector, stalling of GoK projects, downgrade of KE (pulls down banks with it especially banks with an inordinate exposure to govt dealings like KCB) etc. However, if the KES loses ground early, the show will start soon enough. Replay of the 1990's in the making.

Banks still have to contend with rising NPL's and IFRS9 and that will take some time to flush out and stabilize their houses.