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{
    "id": 959771,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/959771/?format=api",
    "text_counter": 175,
    "type": "speech",
    "speaker_name": "Mwingi West, WDM-K",
    "speaker_title": "Hon. Charles Nguna",
    "speaker": {
        "id": 13445,
        "legal_name": "Charles Ngusya Nguna",
        "slug": "charles-ngusya-nguna"
    },
    "content": " Thank you, Hon. Temporary Deputy Speaker for giving me an opportunity. Indeed, this is a very emotive Bill that has been brought to this House by Hon. Jude Njomo. I find it very difficult to speak when the economy is like Hon. Wamalwa has said. But, allow me to add my voice to it. Capping of interest rates work all over the world and mostly in developed countries. But, of late, I have seen sub-Saharan African counties implementing interest rates capping. As I recall, interest rates play a very big role in terms of spurring economic growth. Interest rates are one of the key macroeconomic valuables in any country which drive all other macroeconomic valuables like inflation and Gross Domestic Product (GDP). So, it is important for us to focus on amending this Bill that has been brought by our fellow Member. I can recall the history of when this Bill was first introduced to this House some years back. There was collusion from the banking sector, which is oligopolistic by nature in this country. Most banks resulted to laying off staff and borrowing from the Government instead of The electronic version of the Official Hansard Report is for information purposes only. Acertified version of this Report can be obtained from the Hansard Editor."
}