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{
    "id": 277077,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/277077/?format=api",
    "text_counter": 913,
    "type": "speech",
    "speaker_name": "Mr. Ogindo",
    "speaker_title": "",
    "speaker": {
        "id": 120,
        "legal_name": "Martin Otieno Ogindo",
        "slug": "martin-ogindo"
    },
    "content": "Mr. Temporary Deputy Chairman, Sir, I rise to support this amendment. I just want to persuade this House that this amendment seeks to achieve one simple thing. We are not capping the interest rate. This amendment seeks to regulate the interest rate. When you look at this amendment, you will see that it is floating with the CBR rate. That floatation allows flexibility in the market. What we want to achieve are two important points. Of late, the high interest rates have caused a lot of suffering to individuals in this country. The high interest rates have caused a lot of businesses to be closed. The high interest rates have caused a lot of families to lose their houses. The other thing that the House needs to appreciate is that even at the Government level the high interest rates affect the deficit in this country because the Government pays very high rates on its borrowing. It is important that interest rates are brought under control. Mr. Temporary Deputy Speaker, Sir, the second point I want to raise is that---"
}