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{
    "id": 277040,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/277040/?format=api",
    "text_counter": 876,
    "type": "speech",
    "speaker_name": "Mr. Kimunya",
    "speaker_title": "The Minister for Transport",
    "speaker": {
        "id": 174,
        "legal_name": "Amos Muhinga Kimunya",
        "slug": "amos-kimunya"
    },
    "content": " Mr. Temporary Deputy Chairman, Sir, I stand to strongly oppose the introduction of this clause. I want to draw hon. Members’ attention to the implications of the introduction of this clause. The introduction of this Clause is purporting to say that the rate set by the Monetary Policy Committee, which is a committee that sets the rate for purposes of signaling whether the banks should lend more or less; it is not the contractual arrangement between a borrower and a bank. Right now, the rate is at 18 per cent. If this was to pass through, automatically, all interest rates on all loans would go, including any that any of us has, to the rate of 22 per cent. We have all borrowed from banks."
}