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{
    "id": 277124,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/277124/?format=api",
    "text_counter": 960,
    "type": "speech",
    "speaker_name": "Mr. Githae",
    "speaker_title": "The Minister for Finance",
    "speaker": {
        "id": 159,
        "legal_name": "Robinson Njeru Githae",
        "slug": "robinson-githae"
    },
    "content": " Mr. Temporary Deputy Chairman, Sir, I would beg that you listen to me because what you are going to do is going to have a very bad effect on this country, and I will give the reasons. One, if you pass this amendment, this is what you are saying. One, what you are going to do is to distort the market. What you are going to have are black markets. You are going to have parallel markets as it happened in 1980s when we tried to control interest rates. You are aware when the CBK controlled the interest rates from the banks. What they did was that they started charging you appraisal fees, application fees, booking fees and all sorts of fees just to evade the 19 per cent. That is exactly what is going to happen. You are aware when the CBK curbed those methods, they now formed finance companies which then were able to charge more than banks. So, dear colleagues, I am telling you that we are engaging in an exercise in futility. That is one."
}