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"id": 632339,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/632339/?format=api",
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"type": "speech",
"speaker_name": "Hon. Njomo",
"speaker_title": "",
"speaker": {
"id": 1784,
"legal_name": "Jude L. Kangethe Njomo",
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"content": "The National Treasury’s Cabinet Secretary put together a committee which came up with what is known as the Kenya Bankers Reference Rate (KBRR). That rate was supposed to guide banks on the interest rates that they were supposed to charge. Today, the KBRR rate is at 11 per cent but, as I have said before, banks are charging up to 24 per cent. The KBRR rate is just a reference. It has no legal foundation. No action can be taken. Banks do not go by those regulations. It is actually a toothless dog that is not helping our economy or helping the regulation of interest rates."
}