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{
    "id": 904300,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/904300/?format=api",
    "text_counter": 39,
    "type": "speech",
    "speaker_name": "Sen. Sakaja",
    "speaker_title": "",
    "speaker": {
        "id": 13131,
        "legal_name": "Johnson Arthur Sakaja",
        "slug": "johnson-arthur-sakaja"
    },
    "content": "Thank you, Mr. Speaker, Sir. I urge our Committee on Finance and Budget to seriously take up this matter. If you listened to that Statement, you will realise that we have two problems. When the Kenya Banks Reference Rates were introduced in July, 2014, banks were supposed to charge the interest at a certain percentage above the Central Bank Rate (CBR). However, they were given a leeway, which we call the K rate, that would enable them to give every individual a different credit rating based on their risk profile. Nevertheless, the banks behaved as if they were in cahoots when it came to setting up the interest rate. The CBR would be 10 per cent but the banks would charge 26 or 28 per cent which made the last Parliament to put a capping on the interest rates with the hope that the normal Kenyan and the Small and Medium-Sized Enterprises (SMEs) would be able to get credit. The Government has now locked out most of the SMEs because they cannot borrow from the bank which has made Kenyans to look for alternatives such as shylocks,"
}