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{
    "id": 472081,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/472081/?format=api",
    "text_counter": 56,
    "type": "speech",
    "speaker_name": "Sen. Muthama",
    "speaker_title": "",
    "speaker": {
        "id": 96,
        "legal_name": "Johnson Nduya Muthama",
        "slug": "johnson-muthama"
    },
    "content": "My apologies, Mr. Speaker, Sir. I would like to seek a clarification from the Chairperson of the Committee on Finance, Commerce and Budget. There are two discriminative interest rates in this country. One applies to people who do not trade using the local currency. These people trade with hard currency like dollars among other currencies. The interest rate for the dollar in this country is between 10 per cent and 12 per cent. There is the more discriminative interest rate that is based on the local currency. This one ranges between 18 per cent and 24 per cent. Those who apply for credit facilities based on US dollars get less. When the dollars are sought from outside, a Kenyan will be charged an interest rate of between 5 per cent and 6 per cent if he or she wants to trade and bring the money here. In this situation, the foreign currency is charged between 10 and 12 per cent. Therefore, Kenyans cannot access both. What is the regulator or the Central Bank of Kenya (CBK) going to do to balance this situation so that if you borrow foreign currency, you are charged the same rates that apply to Kenyan shillings? That is the clarification I am seeking."
}