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{
    "id": 269699,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/269699/?format=api",
    "text_counter": 510,
    "type": "speech",
    "speaker_name": "Mr. Mbadi",
    "speaker_title": "",
    "speaker": {
        "id": 110,
        "legal_name": "John Mbadi Ng'ong'o",
        "slug": "john-mbadi"
    },
    "content": "Thank you, Mr. Deputy Speaker, Sir. The reason why the CBK is the lender of the resort is to stop commercial banks from misusing that discount window. That was done with the express knowledge that we will be putting responsible and knowledgeable people to manage CBK. If those people can allow, in a specific one financial year, this discount window to be misused--- For what reason were they borrowing the money? The Minister was saying that one would be poor as a banker to borrow that money and buy Treasury Bills or lend to other banks. Then we ask: “Why were they borrowing the money?” Was it to give it to Mr. Mbadi to pay the interest rate after one year? No! It was because they were taking that money and speculating with it. They were buying forex and starving us of foreign exchange, thereby, making the Shilling to lose value. If you ask us: Why did the Shilling start appreciating? It is because we formed this Committee. That is why the value of the Shilling started appreciating. It is automatic and you can see. Unless some people benefited and profited from that behaviour by banks, supported by CBK--- Let us look at the Report, especially the submissions from the professionals. The Minister has rubbished the Committee for not knowing what it was doing. I watched the Kenya Bankers Association officials on television yesterday say that this is a Committee of people who are not knowledgeable. I want to read the exact submissions from those professionals the Committee listened to."
}