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{
    "id": 327084,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/327084/?format=api",
    "text_counter": 822,
    "type": "speech",
    "speaker_name": "Mr. Keynan",
    "speaker_title": "",
    "speaker": {
        "id": 41,
        "legal_name": "Adan Wehliye Keynan",
        "slug": "adan-keynan"
    },
    "content": "Mr. Temporary Deputy Chairman, Sir, hon. Midiwo is a very good friend of mine, but we need really to understand that the work of a Government, as a big organization, is to provide an enabling and conducive environment for business to thrive. Mr. Temporary Deputy Chairman, Sir, one of the things that we learnt in the Committee that investigated the decline of the Shilling, and the Report is very clear, is that what we recommended was for the Government to strengthen the functions of the monetary policy committee, to clearly separate the functions of the Governor of Central Bank of Kenya (CBK) and the Board of the CBK and strengthen the working environment of the Nairobi Stock Exchange and the Capital Markets Authority. What hon. Midiwo attempts to create will create a situation where the Government has to create one CBK for the private banks and another one for the Government dominated financial institutions. I think that, that is not going to be a very healthy environment. Therefore, let these issues be cured through a Ministerial arrangement. The Ministers are at liberty. For example, if the Minister for Youth Affairs and Sports can work out with the Chief Executive Officer of the Kenya Commercial Bank and agree on friendly terms with a particular institution, I think this can also be cured in that process. Therefore, this amendment, as much as it addresses some of the deficiencies that we have seen in the banking sector, I think we need to look at it holistically so that this issue is cured for all the financial institutions and not to create another arena where the Government bureaucracies will have a field day and invest public money without taking into account the necessary due consideration. Mr. Temporary Deputy Chairman, Sir, I oppose this amendment."
}