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{
    "id": 846712,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/846712/?format=api",
    "text_counter": 239,
    "type": "speech",
    "speaker_name": "Kiharu, JP",
    "speaker_title": "Hon. Ndindi Nyoro",
    "speaker": {
        "id": 13370,
        "legal_name": "Samson Ndindi Nyoro",
        "slug": "samson-ndindi-nyoro"
    },
    "content": "On the Banking Act amendment, as an economist, it sounds very well and sophisticated for us to come here and speak of competitive markets. We have given many spheres of our economy the arena to compete by promoting free trade. We have been captured by cartels. We came from oil and tried to have these entities and especially promoters of oil products compete fairly. One of the conditions for a free market is one that is devoid of cartels. Even as we talk about all industries and finance industry we are not talking about an industry or an economy or a sector that can compete well. As we speak, over 70 per cent of our banking industry is run by about four banks. Therefore, for us to protect our SMEs and business people of this country, we cannot afford to have the repeal of the capping. On the Capping and the Banking Act amendment, we have to voice the fact that our Government is competing vigorously with the people who should be supported by the capping of interest rates. This has led to crowding out of the people and especially the SMEs and business people who should be benefiting from the low interest rates. It is common knowledge that we have so many debts but more importantly, we have a lot of internal debts. These internal debts are of course given to GoK by our commercial banks. This is a scandal because the owner of money in this country is CBK who lends to our commercial banks. We cannot have a situation where our own CBK lends to our commercial banks at the current rate of 9.5 per cent and then the same commercial banks lends to the same Government at about 13.5 per cent. Our Cabinet Secretary in charge of National Treasury needs to be creative and look for money in areas where there are not crowding out the business people especially SMEs."
}