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{
    "id": 644521,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/644521/?format=api",
    "text_counter": 89,
    "type": "speech",
    "speaker_name": "Hon. Njuki",
    "speaker_title": "",
    "speaker": {
        "id": 1372,
        "legal_name": "Onesmus Muthomi Njuki",
        "slug": "onesmus-muthomi-njuki"
    },
    "content": "Why is it that the law of demand and supply does not apply in this particular case? Obviously, most of the speakers before me have mentioned that we have cartels in this country which collude with banks. They sit down and agree to peg their interest rates at a higher rate than that of Treasury Bills interest rates. They agree to follow the same route and the poor Kenyans have no choice, but to borrow from them. Parliament has to protect Kenyans by pegging interest rates, at least, at 4 per cent above Treasury Bills. This is going to make the banking sector competitive. When this is done, they will no longer collude, but they will look at value addition. They will look for other ways of attracting customer and adding value into the sale of their loans and Kenyans will benefit."
}