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{
    "id": 1507121,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1507121/?format=api",
    "text_counter": 169,
    "type": "speech",
    "speaker_name": "Sen. Olekina",
    "speaker_title": "",
    "speaker": {
        "id": 407,
        "legal_name": "Ledama Olekina",
        "slug": "ledama-olekina"
    },
    "content": "One of the things that I hope Gerald will assist the Governor in determining is to do with this issue that had been introduced in this country on how much interest a financial institution can charge. Businesses were thriving when we knew that banks would only charge a maximum of about 4 points above the base lending rate. If the base lending rate set by the CBK is about 12 per cent, we should revisit the discussion of reintroducing a maximum point that a bank can charge for interest. That is how you encourage a young economy to grow and money to circulate. When you have a credit lending system in a country which is not fully defined, you will find someone rushing to a financial institution and getting a loan. Since the loan interest will be on a reducing balance, by the time they end up paying that loan, they throw away the In Duplum rule or any other rule that has got to do with protecting the lender and also the borrower. They will be told how much they are supposed to pay and if they do not pay, they auction their property."
}