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{
    "id": 466753,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/466753/?format=api",
    "text_counter": 350,
    "type": "speech",
    "speaker_name": "Hon. (Prof.) Nyikal",
    "speaker_title": "",
    "speaker": {
        "id": 434,
        "legal_name": "James Nyikal",
        "slug": "james-nyikal"
    },
    "content": "The other area I would like to talk about is the regulation of banks and the Banking Act. Again, we should make it possible for people to get agencies where they can bank easily and strengthen the Central Bank of Kenya (CBK) so that the deposits are protected as we discussed yesterday. But one thing that I really want to bring out here is that I do not understand and many economies and finance people have tried to convince me, I do not see why our interest rates are so high in banks. You put money in the bank at 3 per cent and it is rent back to us at 20 per cent. In other countries, when the interest rates go to above 3.0, 4.0 or 6.0 per cent, it is a national crisis. At the same time, we are quite aware that international banks are making huge profits from us. My lay interpretation is that we are literally being robbed by the banks. I think time has come when we have to re-look again at the interest rates that are being charged by banks in this country. Maybe, I expect the next finance Bill should look at this issue. Or we look at the so-called Donde Bill and once again look at the issue of interest rates."
}