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{
    "id": 846728,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/846728/?format=api",
    "text_counter": 255,
    "type": "speech",
    "speaker_name": "Kiambu, JP",
    "speaker_title": "Hon. Jude Njomo",
    "speaker": {
        "id": 1784,
        "legal_name": "Jude L. Kangethe Njomo",
        "slug": "jude-l-kangethe-njomo"
    },
    "content": "I have with me a report from the National Treasury on the proposed amendments to this Bill. The National Treasury has never supported the capping of interest rates. It has always felt that it is better for us to have a free market by banks. However, we have always argued that the market will never be free because our banks have formed cartels and our interest rates are not determined by the market forces. They are determined by other spirits. But we, as a House, will be guided by only one spirit, namely, the Spirit of the people of Kenya. We want them to do business, access credit and be in free and fair business. So, when our banks come together and engage in cartel like activities, we have a responsibility to rescue the citizenry. The National Treasury has several points of argument against the capping of interest rates. If I can mention some of the points, it says that the capping has caused a sharp decline in bank credit to Small and Medium-sized Enterprises (SMEs). It talks of disappropriate hitch to the lending activities and profitability of banks, something which we have already argued here that that is not the position. They also say that there is reduced monitory policy effectiveness. I do not know why we should have an effective policy when it is oppressing our people. It goes ahead to say that the portion of new borrowers has fallen by more than half. I have another report by the Institute of Certified Public Accountants of Kenya (ICPAK) which says the exact opposite of what the National Treasury is saying."
}