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{
    "id": 1236886,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1236886/?format=api",
    "text_counter": 81,
    "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 touch on how we are addressing the depreciation of the Kenya Shilling against other currencies. The Government is implementing sound exchange rate policies to stabilise the local currency and manage the foreign exchange reserves in an effort to mitigate the impact of currency fluctuations. As I noted earlier in my statement, in response to the question, the official foreign exchange reserves have declined from USD7.9 million which is equivalent to 4.4 months of import cover as at December 2022 to USD7.1 million which is equivalent to four months of import cover as at February 2023. The usable foreign exchange reserves have remained adequate at USD6,531 million, that is, 3.6 months of import cover as at 19th April 2023. This meets the Central Bank of Kenya (CBK) statutory requirement to endeavour to maintain at least four months of import cover. The G2G arrangement for the importation of petroleum products that account for up to 30 per cent of Kenya’s USD requirements is expected to not only stabilise the exchange rate but also lead to the appreciation of the Kenya Shilling."
}