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{
    "id": 959769,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/959769/?format=api",
    "text_counter": 173,
    "type": "speech",
    "speaker_name": "Saku, JP",
    "speaker_title": "Hon. Ali Rasso",
    "speaker": {
        "id": 13473,
        "legal_name": "Dido Ali Raso",
        "slug": "dido-ali-raso"
    },
    "content": "rate. The banks should not go more than the 4 per cent of the set interest rate by CBK. A few fundamental constitutional points why this House must seize itself of this matter of finance and the economy of this Republic is Article 95(2) of the Constitution. That this House must discuss matters that resolve around issues of concern to our people. Article 95(4) of the Constitution on oversight, the CBK being an independent entity under the Constitution, this House must oversee its running. Its policies, deliberations and matters of jurisprudence over the banking sector in Kenya must be seen to be proper and right by this House. The petitioner might not have understood the role of Parliament under Article 94(5) of the Constitution. Under this Article, no person or body other than Parliament has the powers to make laws in this Republic. Therefore, we are within our rights as legislators in this House to discuss and talk about matters of concern to the people of this country. This is about pure and basic economics because if we cannot talk about interest rates, then we cannot talk about entrepreneurship, economic growth and availability of money in the pockets of many out there in the streets. We want our people to do business. Where will the money come from if the banks will charge exorbitant interest rates which almost make them a forbidden no go zone? Parliament must help in growing the economy and one of the things we are looking at is the 4 per cent. When we follow international news, the Federal Reserve Bank of the United States of America (USA) and the Bank of England (BoE) set their interest rates in such a way that, if they are more than 2 per cent, they are high. Sometimes, the escalation of the interest rate is by 0.25 per cent. They are very clear on why this is done. The Republic of Kenya is a developing country. If developed countries are able to do this and yet all sectors of their economy are grown and some control the world, then why can we not do the same? One of the projections of Vision 2030 is that the Kenyan economy will grow to the extent that it will become a middle-income country. How does it become a middle-income country when, by that time, the middle class will not have reached the extent of contributing to the economy? There are issues of financial discipline concerning the mobile money aspect. Sometimes, we are told that the market forces should dictate what should happen in Kenya. I think we should not do this and this House must do due diligence by looking after the economy of this country and its people. With those many remarks, thank you, Hon. Temporary Deputy Speaker for giving me a chance."
}