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{
    "id": 277118,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/277118/?format=api",
    "text_counter": 954,
    "type": "speech",
    "speaker_name": "Mr. Otieno",
    "speaker_title": "The Minister of State for Public Service",
    "speaker": null,
    "content": "The Members must also realize that Kenya is a very open economy. If you add up the imports and the exports, you are talking of a large percentage of our Gross Domestic Product (GDP). When you look at the global market, if Kenya wanted to borrow, we would give a sovereign risk rate which assesses Kenya as a borrower. A nation in Africa borrowing from the east or the west, the sovereign risk assessment is based on different factors, namely, political, economic and otherwise. You cannot use that one rate to determine the other rates in the economy. If we take the retail rates in our country; if we take the check-off rates where you borrow and the money is taken from your salary to repay your loan, the risk is different from a business person who borrows and has to make sure they have net cash surplus to service the loan. So, we are not talking one market. You cannot use the Central Bank rate to control all the other money market rates in the economy. It is a big blunder. I was in banking and the immediate effect of this amendment is the low risk large banks---"
}