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{
    "id": 8387,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/8387/?format=api",
    "text_counter": 504,
    "type": "speech",
    "speaker_name": "Mr. Mureithi",
    "speaker_title": "",
    "speaker": {
        "id": 89,
        "legal_name": "Erastus Kihara Mureithi",
        "slug": "erastus-mureithi"
    },
    "content": "Mr. Temporary Deputy Speaker, Sir, until 2003 when the NARC Government took over, the problem was that debts were very high. Banks were requested that they had to start providing for bad and doubtful debts. That meant that the profits that the banks had made prior to that time started being eaten into. People are very much aware that after 2003, the Government started rescuing quite a number of these organizations. The Government had to write-off quite a lot of bad and doubtful debts in a number of co- operatives. At the moment, we must do some of the things that were done at that time because there is too much money circulating in the system. Once it circulates and they are chasing a few commodities, it creates what is called spiralling inflation. Since the Central Bank of Kenya (CBK) keeps raising their interest rates within the system, it will become very attractive that people will move into the Treasury bills so that they can invest there rather than invest in industrial area. Mr. Temporary Deputy Speaker, Sir, at that time, quite a number of businessmen suffered trauma and a number of them lost their lives because they lost their lifetime"
}