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{
"id": 1507160,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1507160/?format=api",
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"type": "speech",
"speaker_name": "Sen. Cherarkey",
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"speaker": {
"id": 13217,
"legal_name": "Cherarkey K Samson",
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"content": "better after William Ruto took over. We are talking about inflation rate of 2 per cent. Even when you walk around, you can feel money. Where I come from, we are selling maize at the moment. You have bonuses in South Rift and across the country. Therefore, let us allow the President to transform this country to a better nation. Inflation rate and the cost of living has significantly gone down, because we depend on the Central Bank of Kenya to stabilize and regularize the financial environment. Even the cost of living and food has gone down. Many other issues are coming that look good for this country. I would to appeal and advise Mr. Gerald Nyaoma Arita, to just be a Deputy Governor. He is not a co-governor. The problem we have in this country is that I see many counties have a problem because the Deputy Governor imagines that they are co- governors. If Mr. Nyaoma will just be a Deputy Governor, he will just be assistant to the Governor. Let him not be a co-governor. That is free advice. We have seen situations, where people are trying to be the co-governor or even a co-president. Mr. Temporary Speaker, Sir, secondly, the issue of monetary policy is critical. We want to see the issue of money laundering being taken care of. We are aware, that quite a number of people are using money laundering through financial systems in this country. We would like to call the Central Bank of Kenya, now that we have a new Deputy Governor, to put in place necessary mechanisms to prevent money laundering. We do not want to see money that comes from cartels, drugs, and proceeds of corruption being laundered through our banking system in the country. We also do not want to see money that comes from pirates getting into our financial banking system in this country. To run a commercial bank, you need a deposit of Kshs1 billion. However, I would like to request the Central Bank to raise that amount to be Kshs10 billion, because I am told the number of people who will earn more will increase going into the future because of President William Ruto’s macroeconomic policies in this country. Secondly, Mr. Temporary Speaker, Sir, a bank like Kenya Commercial Bank (KCB), is worth Kshs1.4 trillion. It is one of the richest banks. So, if you ask KCB to open a commercial bank account and the deposit that is required is Kshs1 billion, that is chicken change. Mr. Temporary Speaker, Sir, we need also to look at the issue of technology. Even fixed deposit interest rates are not good. That is why Kenyans prefer to keep their money through cryptocurrency. I am told bitcoin is coming back. The Central Bank must work to ensure that the fixed interests are paid to Kenyans, because that is why Kenyans are keeping their money under the pillows and mattresses. Mr. Temporary Speaker, Sir, the financial surveillance by Central Bank must be up to date. You have seen in the previous years, some of the banks, for instance, Imperial Bank, have collapsed with Kenyans' money. What is the Central Bank of Kenya doing to recover for Kenyans who have lost their money because the bank has gone under? That is why Kenyans do not trust the banking system and choose to keep money in their pillows, skin, mattresses, coats, or even in the forest. Others are digging graves to keep their money, because they do not trust the banking system. In this country, when a The electronic version of the Senate Hansard Report is for information purposesonly. A certified version of this Report can be obtained from the Director, Hansard and AudioServices, Senate."
}