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{
    "id": 120227,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/120227/?format=api",
    "text_counter": 160,
    "type": "speech",
    "speaker_name": "Dr. Oburu",
    "speaker_title": "The Assistant Minister, Office of the Deputy Prime Minister and Ministry of Finance",
    "speaker": {
        "id": 194,
        "legal_name": "Oburu Ngona Odinga",
        "slug": "oburu-odinga"
    },
    "content": " Mr. Deputy Speaker, Sir, I beg to reply. (a) There are no specific risks facing the country as a result of the decline in value of the US Dollar. The appreciation of the Kenya Shilling against the US Dollar may reduce the profitability of Kenyan exporting firms and benefit importing firms. However, this is the correction to pre-global economic crisis level. The Kenya Shilling is thus correcting itself to where it was before. The exchange rate represents the relative price movements. This is the normal practice all over the world. (b) The Government has put in place measures to mitigate the impact on the exporting sector such as horticultural firms. Among the proposed measures is the granting of special economic zone status to such firms. In the short-term, the decline in the value of the US Dollar is expected to moderate rising international oil prices and reduce the cost of imported inputs, both of which are crucial to the economic recovery process. Above all, this is the correction after the crisis that distorted the value of the US Dollar. Thank you, Mr. Deputy Speaker, Sir."
}