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{
    "id": 632477,
    "url": "http://info.mzalendo.com/api/v0.1/hansard/entries/632477/?format=api",
    "text_counter": 184,
    "type": "speech",
    "speaker_name": "Hon. Dawood",
    "speaker_title": "",
    "speaker": {
        "id": 2572,
        "legal_name": "Abdul Rahim Dawood",
        "slug": "abdul-rahim-dawood"
    },
    "content": "Trade, we had a meeting last year with the IMF Chief Executive Officer (CEO), Christine Lagarde. At that time, I asked her the same question but they were not willing to answer. They said that we should leave the interest rates to be determined by the market. However, when the market is lopsided, we need to get hold of it and set it the way we want it to go. Press reports have shown that many people take loans. Yesterday’s newspaper carried a story of a person who took a loan of Kshs5 million about 30 years ago. After 30 years, that loan of Kshs5 million has increased to Kshs150 million. If that is not exploitation of the highest order, what is it? We cannot have banks running over the depositors. We need to have a system where we can know what interests our deposits earn and at what interest rates they charge on loans. The blame should not just go to the banks. The problem is at the Central Bank of Kenya (CBK), which is supposed to inspect the financial institutions. When commercial banks run short of money and the CBK offers them money at very high rates, obviously, the commercial banks will lend that money to borrowers at higher interest rates. They will not lend the borrowers the money the loans they require."
}