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{
    "id": 506998,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/506998/?format=api",
    "text_counter": 351,
    "type": "speech",
    "speaker_name": "Hon. Bunyasi",
    "speaker_title": "",
    "speaker": {
        "id": 2511,
        "legal_name": "John Sakwa Bunyasi",
        "slug": "john-sakwa-bunyasi"
    },
    "content": "Hon. Temporary Deputy Speaker, two, it may even support the savings culture generally among our households. For the first time, we will begin to provide viable alternatives to putting your money in a savings account or current account for which you have unpredictable low earnings that happens most times. This will provide the benchmark even for small savers to say; “If my money were in the Government instrument, I could make 10 per cent for sure.” You can predict what the costs will be; net of that. But with your money in a bank, the high paying banks are normally riskier ones, you might find a bank that is paying you 15 per cent instead of 10 per cent but it has a much higher risk profile as an institution. This will provide a major alternative that will cascade among our people in terms of inculcating savings culture that will harness a lot more resources and therefore improve the aggregate savings within the economy. The proposed amendment, just as has been stated, could become the next major platform that will push this whole saving thing beyond the next frontier. Perhaps, it is not as obvious as it is. I know, for example, I come from Nambale, what our people’s attitude is towards holding share certificates in corporate companies where they know that the amount you can redeem when you decide to redeem is unpredictable. It could be less what you put in. This instrument will provide a serious alternative to our communities, even smaller savers to say; “Here is something that the Government stands behind, it can accept my Kshs.10,000 or Kshs.20,000 or whatever the figure is that is finally agreed 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."
}