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{
    "id": 1236873,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1236873/?format=api",
    "text_counter": 68,
    "type": "speech",
    "speaker_name": "Hon. Musalia Mudavadi",
    "speaker_title": "The Prime Cabinet Secretary",
    "speaker": {
        "id": 84,
        "legal_name": "Wycliffe Musalia Mudavadi",
        "slug": "musalia-mudavadi"
    },
    "content": "Let me also point out that the official foreign exchange reserves have declined from Ksh7,969.5 million, that is 4.4 months of import cover as at December 2022. The four months of import cover as at February, 2023 declined to USD7.1 million but the usable FOREX reserves remained adequate at USD6,531 million, that is 3.63 months of import cover, as at 19th April 2023. This still meets the Central Bank of Kenya statutory requirements to endeavour to maintain at least four months of import cover. Together, these developments have significantly impacted liquidity in the domestic FOREX market. In particular, the interbank FOREX transactions have declined, limiting price action in that market. The exchange rate impacts directly on the cost of living in Kenya as imported goods and services become more expensive."
}