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{
    "id": 435158,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/435158/?format=api",
    "text_counter": 377,
    "type": "speech",
    "speaker_name": "Hon. Dawood",
    "speaker_title": "",
    "speaker": {
        "id": 2572,
        "legal_name": "Abdul Rahim Dawood",
        "slug": "abdul-rahim-dawood"
    },
    "content": "interest rates and cap them. However, they were not ready to listen to that and one of the local representatives of the IMF said: “No, you should come and see me because I do not think we need to reduce interest rates or we curtail the bank operations.” I think that is not the right way to go. We need to put the banks on the spot. We need to say that this thing should stop. The exploitation of Kenyan citizens has to stop and the difference between deposit and lending rates should be at a minimum of four per cent. Right now the difference is more than 16 per cent. Sometimes, it even goes to 20 per cent. We need, as a country, to come up with ways of reducing interest rates, even if it is reintroducing the Donde Bill, which was killed by previous parliaments. We need to come up with something similar; I believe the Deputy President has established a committee; I hope we get that committee to bring a report to Parliament. I am asking even the Chairman of the Departmental Committee on Finance, Planning and Trade to look at this, so that we can bring interest rates down."
}