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{
    "id": 632416,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/632416/?format=api",
    "text_counter": 123,
    "type": "speech",
    "speaker_name": "Hon. Musimba",
    "speaker_title": "",
    "speaker": {
        "id": 1804,
        "legal_name": "Patrick Mweu Musimba",
        "slug": "patrick-mweu-musimba"
    },
    "content": "shylocks within the industry because alternative banking systems which are punitive are going to come up. There will also be rise of gangs. The CBK and specifically the Governor has to pull up his socks. By interfering with people’s ways of getting money, you are killing the Kenyan economy and the populace. We are an entrepreneurial country and law abiding citizens who love their country. We wake up every day for the greater service and growth of this economy. We must castigate in uncertain terms the actions of the CBK by trying to clamp this down. When it comes to interest rates more specifically, we cannot have mixed signals. People go to the Treasury Bill market in week one and buy instrumentations for the next 180 or 365 days and the rate is pegged at say, 18 per cent. They commit their money and two weeks later new instrumentations are issued, at say a rate of 4 per cent. Surely they have locked aware of funding which they have to pay the depositors. You cannot turn around miraculously and say the rate has gone down. If they are mitigating they should see how to bring average costing and settle with the people who have given them money. An initiative like M-Akiba, was supposed to be launched but until today there is a presidential directive for it to be delayed until citizens loan money directly to the Government. So, the lending from financial institutions to the Government decreases. One can lend money and know they can get 8 per cent interest directly from the Government, via a mobile phone and actualise the benefits of these percentages. Otherwise, when one takes money to big commercial banks they say the deposit is only going to make one per cent interest. When one borrows against it, the difference is almost 6 to 7 per cent. This does not make sense."
}