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{
    "id": 10547,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/10547/?format=api",
    "text_counter": 360,
    "type": "speech",
    "speaker_name": "Mr. Mungatana",
    "speaker_title": "",
    "speaker": {
        "id": 185,
        "legal_name": "Danson Buya Mungatana",
        "slug": "danson-mungatana"
    },
    "content": "Like other hon. Members have said before, in 1990, we made a decision as an economy called the Kenya economy, to make our exchange rate a floating exchange rate. There were reasons for that. We looked at the advantages. First, it would allow more continuous adjustments of the rates to the shift in demand and supply of foreign exchange, which is good. That is because it would give freedom to the country to pursue its monetary policy without having to be concerned with the balance of payment effect. We made that decision consciously as an economy. But there were disadvantages to a floating exchange rate. If you look at Kenya, as we stand today and even then, it has a huge import bill. We are not an oil producing country. About 20 per cent of our revenue is all going towards the purchase of oil. That has made us very vulnerable to exchanges particularly outside Kenya."
}