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{
    "id": 270553,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/270553/?format=api",
    "text_counter": 440,
    "type": "speech",
    "speaker_name": "Mr. Oyongo Nyamweya",
    "speaker_title": "The Assistant Minister for Trade",
    "speaker": {
        "id": 391,
        "legal_name": "Manson Oyongo Nyamweya",
        "slug": "manson-nyamweya"
    },
    "content": "There will be many people borrowing and importing and in the end, what do we get? Because of overheating the economy by the actions of the Central Bank, the net effect here is that the foreign exchange went up. Another thing that you want to know is who the customers of these banks which were allowed overnight borrowing were. Who benefitted? This Report should be passed so that a proper committee is selected to give clear information as to who caused what and who benefited from what. These overnight borrowing which affected the economy, were they for the banks to benefit themselves or was this money used by the Kenya Government to build, for example, Parliament? Was this money used by the Kenya Government to do the Thika Road? The information will be available as to who benefited from this expansion policy in the market. This Report should be approved, so that we can get a committee to analyze it and give us direction. What is the effect of this? As a result of the mistake made by the Governor by allowing banks to over trade - I may use that term because that is what they did - we had more money, exchange rates shot up and interest rates went up because of the foreign currencies. This was caused by the Central Bank. The captain of the Central Bank is one man who must take responsibility, namely, Mr. Ndung’u. If a team is doing poorly, the coach should take responsibility. For example, the other day Gor Mahia and Chelsea football clubs sacked their coaches because they were not achieving the results for their teams. The Governor has not done for the nation what he is supposed to do. The effect of this is that we are now experiencing high interest rates. Where we could do one class for Kshs500,000, we are now spending Kshs700, 000. This is because of one man who is the Governor of Central Bank who is allowing a few banks to enjoy overnight borrowing."
}