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{
    "id": 472082,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/472082/?format=api",
    "text_counter": 57,
    "type": "speech",
    "speaker_name": "Sen. Kembi-Gitura",
    "speaker_title": "",
    "speaker": {
        "id": 242,
        "legal_name": "James Kembi Gitura",
        "slug": "kembi-gitura"
    },
    "content": "Thank you, Mr. Speaker, Sir. The huge profits which are being made by the banks and which some Senators have referred to as obscene and the interest rates must have a co-relationship. I would like to submit that I have not understood the relationships. There is something very unclear and hidden. I do not know whether this is out of pressure from the Kenya Bankers Association (KBA) or whether this is coming from where the rates are initiated. However, certainly, something is very wrong with the interest rates that we are being charged and, therefore, unable to invest. The profits being made by the banks year in, year out, are now in billions and billions of shillings. The CBK, in my view, must put pressure on the banks as a matter of policy to specifically reduce interest rates so that they are sustainable. We want it to be possible to invest and to create wealth in this country. My last point is that if what we read as a move by the CBK last week to reduce interest rates is a matter of policy and if the effect of it is to bring down interest rates, then this strengthens my position that this is a matter of policy or disconnect between the CBK and the commercial banks. The CBK should put its foot down and regulate the interest rates that are charged in this country so that investment becomes possible. Finally, Mr. Speaker, Sir---"
}