Kabando wa Kabando

All parliamentary appearances

Entries 151 to 160 of 761.

• 3 Dec 2014 in National Assembly: This Bill seeks to mop the money market to make some clarifications. It also seeks to, in a fair way, balance what is lopsided in order to stabilise and create a system that is fair to everyone. If we open up through electronic transactions and digitisation, and lower the denominations of Government securities, this will definitely affect the interest rates that banks charge on commercial loans. view
• 3 Dec 2014 in National Assembly: The CBK and the Treasury have said that Kshs50,000 minimum investment in Government securities was introduced in 2009. That is a good effort, but what do other central banks in the region say? For instance, in Tanzania, the lowest denomination government security is the equivalent of Kshs26,000. In Rwanda, it is half of that sum – the equivalent of Kshs13,000. Uganda, which is the main trading partner of the Republic of Kenya, has fixed her minimum government investment at the equivalent of Kshs3,000. view
• 3 Dec 2014 in National Assembly: This clearly shows that our huge vibrant economy that leads in mobile money transfer and ICT, as well as in the banking industry has the chance to invite more participation in investment in Government securities, so that we can bring on board more young people and low income earners, democratize our system more and create better competition and equity. view
• 3 Dec 2014 in National Assembly: Hon. Temporary Deputy Speaker, while I was drafting this Bill in June, the Government of Kenya wanted to borrow Kshs8 billion from the local market. In the first week of June, the Government needed Kshs8 billion but could only manage to raise Kshs2.5billion, which was borrowed at an interest rate of 10 per cent. That instance says volumes and loudly – that, indeed, there is need to avail more stakeholders on Government securities in order to widen the net, so that we lower the interest rate. view
• 3 Dec 2014 in National Assembly: Of course, after the Euro Bond, the Government wanted to borrow Kshs180 billion. Understandably, the Government now needs about Kshs100 billion. If the trend of the Government wanting to borrow but minimizing the supply, applying the basic law of supply and demand continues, it will mean that on average, we will be borrowing at 10 per cent. This has implications. Government borrowing will continue being expensive. Therefore, if these amendments go through they will lower Government borrowing and, therefore, have the effect of lowering commercial bank interest rates. Ultimately, we will be in a position, as the Government of Kenya, ... view
• 3 Dec 2014 in National Assembly: Hon. Temporary Deputy Speaker, in terms of getting this done and operationalised, those on the other divide of this debate, who may be the main beneficiaries, and who may be opposed to this initiative, would say that the amendments will affect the capital markets and that we may affect the commercial banks. Through view
• 3 Dec 2014 in National Assembly: and Airtel Money, it is very easy to track transactions and register. Therefore, competition can be seen very clearly. The transparency of it cannot be gainsaid. It is very easy to reduce and filter out cases of illicit money finding its way into 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
• 3 Dec 2014 in National Assembly: our economy, because we will know our customers’ analysis. Through the CBK outlets, one will be able, if need be, to walk through the financial agents in the stock brokerage. I am happy that some Members of this House are very lucid in that area. view
• 3 Dec 2014 in National Assembly: In a country like Kenya, people undertake all the transactions that I have highlighted very ably, swiftly, in real time and at minimal costs. We are going cashless in the matatu sector. It does not make any sense for us to continue embracing medieval technology in our main fiscal agent. As I said, the widest pool of savers and investors, in addition to enhancing the saving culture of our people, will by implication have bank interest rates down. view
• 3 Dec 2014 in National Assembly: In terms of mopping excess money from the economy, improving on liquidity and enabling digitisation--- It will also improve ownership of the sector by Kenyans and enhance patriotism. We are talking about reviewing our education curriculum in primary schools, pre-school and nursery schools, so that we can teach our young people the virtues of nationhood and patriotism. view