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{
    "id": 632345,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/632345/?format=api",
    "text_counter": 52,
    "type": "speech",
    "speaker_name": "Hon. Njomo",
    "speaker_title": "",
    "speaker": {
        "id": 1784,
        "legal_name": "Jude L. Kangethe Njomo",
        "slug": "jude-l-kangethe-njomo"
    },
    "content": "authority to the Energy Regulatory Commission (ERC) to regulate the maximum prices at which fuel can be sold. That has continued to happen despite the fact that oil companies put up a spirited fight against this control. It is now done, they are making profit and our oil industry is still going on as it is supposed to be. I am sure if this was not done, the price of bread today would be over Kshs500. This is what I would like the Governor of the Central Bank of Kenya to hear. We are not the first country to put a cap on interest rates. In Africa, Zambia, the West African economic bloc and the Central Africa Economic and Monitoring Community have put a cap on interest rates. Outside Africa, Argentina, Canada and even the USA have done that. Over 50 per cent states in the USA have put a cap on interest rates. Further, the Federal Government has set up a consumer financial protection agency to make sure that its customers are not exploited. Germany has put a cap and other six countries of the European Union have a cap on their interest rates. We will not be the first. If banks have survived in the countries I have mentioned, even in Kenya they can survive with that interest rate."
}