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{
    "id": 956056,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/956056/?format=api",
    "text_counter": 305,
    "type": "speech",
    "speaker_name": "Seme, ODM",
    "speaker_title": "Hon. (Dr.) James Nyikal",
    "speaker": {
        "id": 434,
        "legal_name": "James Nyikal",
        "slug": "james-nyikal"
    },
    "content": "There has been an argument that if the interest rates are low, then they would rather lend to the Government. This is a fallacy. If you are just lending to the Government that offers services and pays salaries… You cannot apply money for consumption and not for production. The banks are not sincere. If the interest rates are low, then they will only give loans to the Government. In the long run, even that argument is wrong. If the economy is not productive, then the money that you are giving to the Government does not serve any purpose. I disagree with that argument. As they complain about the capping of the interest rates, we know that the banks’ profits are huge. The banks post huge profits year after year. Therefore, when there is a Bill like the one Hon. Njomo brought in the 11th Parliament, they come up with arguments basically to split hairs. The courts were wise. They decided that they cannot throw away this Act. They took it back to Parliament so that the ambiguities can be removed. To that extent, it is now back with us. I am sure we will pass it, remove those ambiguities and still have the interest rate capping as we wanted."
}