Entry Instance

HTTP 200 OK
Allow: GET, PUT, PATCH, DELETE, HEAD, OPTIONS
Content-Type: application/json
Vary: Accept

{
    "id": 506983,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/506983/?format=api",
    "text_counter": 336,
    "type": "speech",
    "speaker_name": "Hon. Kabando wa Kabando",
    "speaker_title": "",
    "speaker": {
        "id": 31,
        "legal_name": "Kabando wa Kabando",
        "slug": "kabando-kabando"
    },
    "content": "If in every village, hamlet, shanty and every forlorn village, most distant and near, there is a young man, woman, a women’s group and a youth group who know that they have invested in the Government; that their Kshs.10,000 or Kshs.20,000 is in Government--- These are not just the super rich or the so well fairest commercial banks because they are there to profiteer. That is why they make the declaration that they do. We support very strongly, a vibrant banking sector and very profiteering financial market because Kenya must continue moving ahead and growing this economy by double digits. However, we also need to carry along the majority of 98 per cent, who have nothing to show in terms of direct investment by proxy. Representative investment does not mean that every Kenyan is going to buy Government securities. I said that in every village and corner of the country, if someone is able, there will be that natural pride that, indeed, I would not want anything to happen to this country. I would not want to participate in any terrorism conspiracy or in any illegal gang. I would not want to engage in any crime because I am an investor in the Government of Kenya through the Central Bank of Kenya (CBK) Treasury Bonds and Bills. Therefore, in terms of the broader interpretation of this move, it is clear that benefits are galore. I will not take a lot of time on this, but in conclusion, the implications in terms of the economic variables are very significant. We expect that the requisite actions will be taken to implement this in order for it to roll out. We know that the CBK has been trying to do these amendments. Even now, the President has appointed an Interest Rates Committee, whose work we do not know yet and whose results we have not seen. It can take two or three years when it comes to issues of interest rates. With the vested interests of commercial banks, and I have to be blunt on this, it can take forever. Therefore, this House can move to propel a speedier engagement on this matter and create the necessary firm and anchored law that will obligate the CBK and the Treasury to move faster and make this a reality. It will also assist in changing the composition of public debt. It is not fair that nearly 55 per cent of public debt is in one category. It is just in the commercial banks. We are not saying that it is bad. It can even be 90 per cent, but at a lower interest rate. How come you take my Kshs.1.3 trillion, stay with it over the year and every time I walk to an ATM machine to make even a Kshs.500 withdrawal, go to a bank counter or do some The electronic version of the Official Hansard Report is for information purposesonly. A certified version of this Report can be obtained from the Hansard Editor."
}