Entry Instance

HTTP 200 OK
Allow: GET, PUT, PATCH, DELETE, HEAD, OPTIONS
Content-Type: application/json
Vary: Accept

{
    "id": 632381,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/632381/?format=api",
    "text_counter": 88,
    "type": "speech",
    "speaker_name": "Hon. A.B. Duale",
    "speaker_title": "",
    "speaker": {
        "id": 15,
        "legal_name": "Aden Bare Duale",
        "slug": "aden-duale"
    },
    "content": "cent of the best rates set by the CBK. The CBK lending rate has been reducing at a fast rate. It is currently at 8 per cent. You have seen the media and the political class, including the Deputy President, asking why the interest rates are not coming down. Hon. Temporary Deputy Speaker, when the crude oil prices across the world come down, it is, at least, reflected with a reduction of fuel prices. So, why is it that when the Central Bank of Kenya (CBK) rates reduce, they do not translate into the reduction of interest rates by banks? On this one, we are ready to go the full hog. We are even ready to raise the two-thirds majority. Let me give you an example. Governors are giving our people a lot of fictitious contracts - the middle class youth and women who borrow money from the banks. The county governments delay in paying them. Their houses and vehicles are auctioned daily. There are people in my constituency whose properties have been auctioned just because they borrowed Kshs5million or Kshs10 million to do a contract for the county government, and they have had their payments delayed. So, banks charge three times the principal sum they borrowed. In the end, as the economy is growing, Kenyans become poor because of interest rates. Let us call a spade a spade. Kenya is not moving because of high interest rates. I have many friends who are Chief Executive Officers (CEOs) of top banks and some are my relatives. Currently in Kenya, Barclays Bank Plc, which is the major shareholder in Barclays Africa, is trying to leave this Continent. The reason is that they are not making profits. How do they make their money? Through interest rates! So, it is the only sector in our country which has colluded and formed the Kenya Bankers Association (KBA), which is a cartel led by Hassan, a good friend of mine. Last year, we told him to come and talk to the people and appear before the Departmental Committee on Finance, Planning and Trade. I am told the current Governor of CBK is a Catholic. A Catholic of one small corner--- I know Catholics such as Hon. Chris Wamalwa and the Majority Whip."
}