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{
    "id": 955043,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/955043/?format=api",
    "text_counter": 227,
    "type": "speech",
    "speaker_name": "Emuhaya, ANC",
    "speaker_title": "Hon. Omboko Milemba",
    "speaker": {
        "id": 13328,
        "legal_name": "Jeremiah Omboko Milemba",
        "slug": "jeremiah-omboko-milemba"
    },
    "content": "Let me make few direct comments on the Bill. I support the Mover and the Chairman because he said even the participants were not happy with the removal of the capping of the interest rates charged by banks. The people I represent of Emuhaya and I do not wish to remove that capping. The argument by the banks that having reduced the lending rate to 14 per cent has made them unable to give money to small business enterprises is wrong. Our banks, as economists who are here know very well, are operating from oligopolistic kind of market which is very close to a monopolistic kind of market. Therefore, in such a market, they can control prices. Currently, they are controlling the lending and, therefore, controlling the market in such a way that they can influence the entire public to follow them as they wish. That is a common practice in oligopolistic markets which banks in this country are enjoying. Moving forward, we shall be supporting the Chairman especially if he stands strong with the Bill and other amendments that were given in an earlier Bill by Hon. Jude Njomo, that we do not remove the interest capping of 14 per cent."
}