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{
    "id": 277117,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/277117/?format=api",
    "text_counter": 953,
    "type": "speech",
    "speaker_name": "Mr. Otieno",
    "speaker_title": "The Minister of State for Public Service",
    "speaker": null,
    "content": " Mr. Temporary Deputy Chairman, Sir, I sympathize with the sentiments in the House that banking practice has developed in this country in such a way that our savers are paid peanuts, but banks charge high figures as their lending rates. The Members have to realize that the money market, like all other markets even if it was the property market, is never one market. They are several markets. In this particular amendment, the biggest flaw, particularly in Part “b” that is talking of interest earning accounts, the simple way to dodge it is to say that you have no interest earning account as far as your bank is concerned; all accounts are non- interest bearing. Then what happens thereafter? We have achieved nothing. Secondly, the monetary policy read “the Central Bank rate is the rate set and cost with the specific objective. It operates in the segment of the monetary market between the Central Bank and the banks themselves”. That is a totally different money market. It only controls that segment. You cannot use it to control the other market segments in the economy."
}