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{
    "id": 632394,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/632394/?format=api",
    "text_counter": 101,
    "type": "speech",
    "speaker_name": "Hon. ole Lemein",
    "speaker_title": "",
    "speaker": {
        "id": 2531,
        "legal_name": "Korei Ole Lemein",
        "slug": "korei-ole-lemein"
    },
    "content": "Thank you, Hon. Temporary Deputy Speaker. I rise to support this Bill. I thank my brother, Hon. Njomo for coming up with this Bill. The banking industry will try as much as possible to fight this Bill left, right and centre. As much as the banks like to say that Kenya is a free-market economy, where the law of demand and supply takes its course, the Kenyan people will never be the equilibrium for that law. As it has been said by earlier speakers, CBK has maintained its lending rate at 8 per cent. As the CBK reduces its rate, commercial banks keep increasing their rates. This is robbery. In as much as the banks are old and are doing well, their annual declaration of dividends is abnormal. Cooperatives charge members 1 per cent interest per month, which is 12 per cent per annum, and they still make profit. You can imagine the number of clientele the cooperative movement has. 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."
}