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{
    "id": 327125,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/327125/?format=api",
    "text_counter": 863,
    "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 beg to move that the New Clause 43A be read a Second Time in its amended form. This is on page 4250. The new clause that I want to bring in says:- “The minimum interest rate that a bank or financial institution shall pay on a deposit held in an interest earning account in a bank or a financial institution shall not be less than 30 per cent of the bank’s base rate for loan and money advances.” You will recollect that the Central Bank Governor commented on the level of savings in this country. The Central Bank Governor noted that a 30 year old bond in Kenya goes at an interest rate of 12 per cent while the deposits are earning 1.38 per cent. Over the past five years, the savings level in Kenya has dropped to about 1.2 per cent of the GDP. In order to promote this, we need to make savings attractive. This is going to be a floating rate that does not limit any rate payable on the interest earning account. This country needs to put measures in place that make savings attractive. The reason why we go into small time businesses is because we do not have an attractive deposit regime in this country. I want to persuade the Minister that there are several Kenyans who make their savings there and need to earn. Allow me to ask hon. Langat to second."
}