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{
    "id": 506988,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/506988/?format=api",
    "text_counter": 341,
    "type": "speech",
    "speaker_name": "Hon. Aden",
    "speaker_title": "",
    "speaker": {
        "id": 15,
        "legal_name": "Aden Bare Duale",
        "slug": "aden-duale"
    },
    "content": "Hon. Temporary Deputy Speaker, the more Kenyans turn to the Treasury Bills, the more the Treasury Bill rates will start coming down. The Treasury Bill rates are indicators for commercial banks as well. It is from the Treasury Bill rates that they decide how much they should lend to Kenyans. As long as the rates continue to come down, eventually interest rates to Kenyans will also come down and Kenyans will be able to access fund at a much cheaper rate. By implementing this, we will also be compliant to the regional requirement. Remember Kenya is an important player of the East African region. The other countries in East Africa have low rates for Treasury Bills and Treasury Bonds such that Kenya is right now uncompetitive. The moment we are able to reduce that, as suggested by hon. Kabando wa Kabando, we will take full benefit of this economy. There will be free movement of capital and labour, so that capital from other parts of the East African Community will now be attracted into this country and for that reason our economy will continue to grow. I want to say that the opportunity created by this particular amendment will transform the lives of many Kenyans, by giving them decent return for their investment. It will give our Government access to money so that we do not need to go and borrow from out there. We can borrow from within. This will also encourage the culture of saving in Kenya. When you put your money in Treasury Bills, you have done two things; you have put a savings for your future. It is very flexible; it can be a period of 91 days, 182 days or 364 days. Many of the commercial banks will tie you to one or two years before you are able to access your money. Imagine investing in instruments where you are able to get returns after 91, 182 or 364 days. It will transform the opportunity for Kenyans to be able to invest and develop that culture of saving"
}