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{
    "id": 688396,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/688396/?format=api",
    "text_counter": 549,
    "type": "speech",
    "speaker_name": "Sen. Wetangula",
    "speaker_title": "The Senate Minority Leader",
    "speaker": {
        "id": 210,
        "legal_name": "Moses Masika Wetangula",
        "slug": "moses-wetangula"
    },
    "content": " Mr. Temporary Speaker, Sir, sometimes I ask myself why this country likes copying. My colleagues including the Senate Majority Leader can bear witness. In America, banks cannot increase interest rates by 0.5 per cent without sanction from the Federal Reserve Director. They cannot. In England, the head of the Bank of England which is equivalent to our Central Bank will not allow any bank to escalate interest rates by one per cent without its sanctions. I do not want to give a personal testimony but I can tell you that in 1995 I borrowed Kshs970,000 from then Kenya National Assurance to purchase a mortgage. By the time I sold another property to pay that loan, I had paid Kshs19,800,000 up from Kshs970,000. There are people who have suffered even more. Even with the in duplum rule that we adopted as law, banks do not care. We have a governor of the Central Bank who does not seem to know what he is doing. He is busy telling banks that if, for example, Sen. (Dr.) Machage goes to withdraw Kshs1 million you have literally to write an essay to explain what you will do The electronic version of the Senate Hansard Report is for information purposes only. A certified version of this Report can be obtained from the Hansard Editor, Senate."
}