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{
    "id": 10530,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/10530/?format=api",
    "text_counter": 343,
    "type": "speech",
    "speaker_name": "Mr. Bahari",
    "speaker_title": "",
    "speaker": {
        "id": 156,
        "legal_name": "Abdul Bahari Ali Jillo",
        "slug": "bahari-ali-jillo"
    },
    "content": "has adversely been affected. Life has become impossible to bear because of increased cost of living. For investors also who are the ones who are responsible for creating wealth and employment, it has also become extremely unbearable and the economy is unpredictable. Because of that unpredictability, therefore, investor confidence is lost. Once the investor confidence is lost, then this economy will come to a standstill. This House cannot wait. Indeed, I am happy that the Mover of this Motion has said “within 60 days”. So, if we are able to do it even earlier than the 60 days, the better for us. Mr. Temporary Deputy Speaker, Sir, we cannot afford, particularly at a time when we are going to election year, to see these kinds of happenings in this economy. We have fairly done well since 2007. The economy has been coming back on its feet and we need to have that reliability in terms of the foreign exchange. Thirty per cent decline within a very short period will create a mess in this country. The importers will also have a similar problem because they will be required to produce more Kenya Shillings to get the necessary foreign exchange to be able to import items into this country. This will be translated into price increases and, therefore, the inflationary pressure will come in. The regulatory body, which is the Central Bank of Kenya, as has been stated here in this Motion--- We know these fluctuations can be here, but then the most important thing is for the monetary policy institution, the one that regulates, to take a counter- measure. We have not seen counter-measures from the CBK that are yielding results. It is like they have given up, they are haphazard and they are drawn into the whole problem. Therefore, the six months they are talking about is just a question of buying time. Already the measures that have been taken in terms of increasing the cash ratio have caused an increase in interest rates. Therefore, investors cannot borrow money from the banks or borrowing has become very expensive. In fact, we have seen that for a long time now. So, the buck stops with this House. This House must take appropriate measures to find out exactly where things went wrong. Did our imports actually increase tremendously to warrant such a demand in foreign exchange? Did our exports radically reduce to warrant, perhaps, lesser in flow of foreign exchange? This matter is very important. I beg to support that this Motion be passed with the necessary speed to allow us to carry out the requisite investigation. Thank you, Mr. Temporary Deputy Speaker, Sir."
}