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{
    "id": 570879,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/570879/?format=api",
    "text_counter": 36,
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    "content": "I think I responded to his query. Sen. Mutula Kilonzo Jnr. also raised a query about the CBK Bill, 2015 to raise the share capital of the Central Bank of Kenya (CBK) from Kshs5 billion to Kshs20 billion. This is to bring it line with the policies that have been adopted by central banks across the East African region in preparation for the East African Monetary Union. However, it is an anticipation of the Bill which is already before Parliament and, hopefully, it will pass. The earliest increase on the share capital will be in December 2016, by which time, the Bill will have passed. Lastly, I think I have responded to Sen. Muthama’s question. When Equity and Family banks started – some of the fastest growing banks in this country – they started as micro finance institutions. In fact, we have dozens of those that are catering for most of the small and medium enterprises (SMEs). By increasing the minimum capital to Kshs5 billion, we are not saying there are no other banks; there are many other banks and they are all regulated by CBK. They actually operate more or less like banks. Foreign banks are very few. Out of these 44, there are less than 10 foreign banks. The majority are actually Kenyan banks including the largest ones – KCB and Equity."
}