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{
    "id": 120509,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/120509/?format=api",
    "text_counter": 98,
    "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. Speaker, Sir, I beg to reply. (a)The Central Bank of Kenya is vested with mandate to issue Kenya currency in both bank notes and coins. To fulfil this mandate, the bank has to ensure that at all times it holds adequate stocks sufficient to meet the country’s currency requirements to avoid any stock outs and to forestall any shortages that can lead to a financial crisis in the country. In August, 2008, pursuant to its aforesaid mandate and after evaluating the stock levels held vis-`a- vis the country’s regular currency requirement, the Bank established that it required to re-stock by procuring 450 million pieces of bank notes in various denominations to cover its demand up to September, 2010. Taking into account the lead time for production and delivery of bank notes and given the urgency and necessity to re- stock prior to exhaustion of stocks held as at August, 2008, the Bank entered into a contract with M/s De La Rue Currency and Security Print Limited on 17th June, 2009 to print 450 million pieces. (b)There was no material difference between the current contract and the previous ones. (c)No loss of public funds was occasioned by the current contract. (d)The procurement of the 450 million pieces was in conformity with the Public Procurement and Disposal Act of 2005. The Bank sought and obtained approval from the Public Procurement and Oversight Authority (PPOA) to use the procurement method provided for in Sections 74 and 75 of the Act. The contract, which is ongoing, is also subject to audit under the scope of audits provided for under the Central Bank of Kenya Act, Cap.491, Laws of Kenya."
}