Jude L. Kangethe Njomo

All parliamentary appearances

Entries 351 to 360 of 525.

• 10 Mar 2016 in National Assembly: Hon. Temporary Deputy Speaker, the Bill was passed by this honourable House in December 2000. But it was rejected by the then President Daniel arap Moi in January 2001. This was the first Bill to be rejected by the President. It came back to this House with a memorandum. It was debated and some amendments were done and it was passed again in August the same year - 2001. It was assented to by the President on 6th August, 2001. It became law. But there was a technicality. When they passed the amendment in August 2001, they did not change ... view
• 10 Mar 2016 in National Assembly: A decade later, my friend and colleague and Member of Parliament for Gem, Hon. Jakoyo Midiwo, proposed to have the same caps introduced through the Public Finance Bill. That time - and I am sure Hon. Jakoyo will tell us more about this - the Treasury opposed the law and convinced the legislators by saying, and I quote:- “It would go against the concept of free market and that Kenya was trying to position itself as a regional financial hub and restrictive regulations on the banking sector could slow down this journey”. We are still on that journey trying to ... view
• 10 Mar 2016 in National Assembly: The Treasury had indicated that the long term solution to this problem would be an introduction of a Bill that would be known as the Central Bank of Kenya Bill. It was to be tabled The electronic version of the Official Hansard Report is for information purposesonly. A certified version of this Report can be obtained from the Hansard Editor. view
• 10 Mar 2016 in National Assembly: in February 2014. Around the same time, the Central Bank of Kenya made an advertisement on its website. It read:- “A draft Bill of Central Bank of Kenya Bill, 2014 has been developed in line with Article 231 of the Constitution of Kenya. The National Treasury invites comments from the public and stakeholders to be received by 30th April 2014. The comments should include and not limited to composition, powers, functions, operations of Central Bank of Kenya relating to formulating of monetary policy, promoting price stability, issuance of currency and performance of other functions”. That was the last time we ... view
• 10 Mar 2016 in National Assembly: The National Treasury’s Cabinet Secretary put together a committee which came up with what is known as the Kenya Bankers Reference Rate (KBRR). That rate was supposed to guide banks on the interest rates that they were supposed to charge. Today, the KBRR rate is at 11 per cent but, as I have said before, banks are charging up to 24 per cent. The KBRR rate is just a reference. It has no legal foundation. No action can be taken. Banks do not go by those regulations. It is actually a toothless dog that is not helping our economy or ... view
• 10 Mar 2016 in National Assembly: The Kenya Bankers Association (KBA) has indicated that it has the capacity and the will to regulate the rates that its members are going to charge. I was talking to one of my friends who is a senior manager with one of the banks. I would like to quote his comment. He said:- “The Kenya Bankers Association does not have a statutory and institutional authority and ability to effectively control member banks.” That is the position. We cannot rely on KBA to regulate interest rates. In any case, what the KBA does is to mind the interest of banks without ... view
• 10 Mar 2016 in National Assembly: The Governor of the Central Bank of Kenya has been quoted saying that putting a cap on interest rates is strangling our businesses. I have great respect for that gentleman. view
• 10 Mar 2016 in National Assembly: Thank you, I am getting there. I was saying that the Governor of the Central Bank of Kenya has been quoted as saying that controlling interest rates will strangle the banking industry. I do not understand where this is coming from. I remember sometime back the fuel industry had gone amok with prices going higher and higher, despite the international price per barrel of oil going down. The corrective measure that the Government took was to give the The electronic version of the Official Hansard Report is for information purposesonly. A certified version of this Report can be obtained from ... view
• 10 Mar 2016 in National Assembly: authority to the Energy Regulatory Commission (ERC) to regulate the maximum prices at which fuel can be sold. That has continued to happen despite the fact that oil companies put up a spirited fight against this control. It is now done, they are making profit and our oil industry is still going on as it is supposed to be. I am sure if this was not done, the price of bread today would be over Kshs500. This is what I would like the Governor of the Central Bank of Kenya to hear. We are not the first country to put ... view
• 10 Mar 2016 in National Assembly: If you look at the autonomy of our economy, it is like an animal with a head, a body and a tail. When I see the head, I see the wealthy people. The body consists of people who are struggling - the middle class - while the tail consists of the low income earners. The anatomy of our economy is such that it has a small head, a slightly bigger body and a big tail. Our economy will never move. If we want to make it move, we have to change the anatomy of our animal and make sure that ... view