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{
    "id": 8384,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/8384/?format=api",
    "text_counter": 501,
    "type": "speech",
    "speaker_name": "Mr. Mureithi",
    "speaker_title": "",
    "speaker": {
        "id": 89,
        "legal_name": "Erastus Kihara Mureithi",
        "slug": "erastus-mureithi"
    },
    "content": "Mr. Deputy Speaker, Sir, I rise to support this Motion on one premise. What is happening in Kenya today is not a new phenomenon. It is a process that happened in this country in the 1990s whereby the Treasury bills went up to 82 per cent and the interest rates went up to 50 per cent. Those who were with me in the banking industry do appreciate that. The former Minister for Finance, Mr. Chris Okemo, understands that at one time the Kenya shilling was really hammered and the Treasury bills were very high. They went up to 82 per cent. The interest rates climbed up to over 50 per cent. What were the consequences at that time? The economy started declining. Not only that, the companies started collapsing because they could not carry the burden of the interest rate. What happened even in the banking system is that the banks themselves started investing more in Treasury bills than lending to businesses. That being the case that time, inflation started climbing and life became very difficult for the common person as it is now. It is becoming a major problem for the common person to have access to essential commodities. What did that lead to? It led to bad and doubtful debts."
}