Entry Instance

HTTP 200 OK
Allow: GET, PUT, PATCH, DELETE, HEAD, OPTIONS
Content-Type: application/json
Vary: Accept

{
    "id": 1249281,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1249281/?format=api",
    "text_counter": 379,
    "type": "speech",
    "speaker_name": "Molo, UDA",
    "speaker_title": "Hon. Kuria Kimani",
    "speaker": null,
    "content": "We asked Dr. Thugge the vision he has for the bank and he informed us that he noted the supervision of banks is on real time basis since the digital credit providers were already on board. He sees a situation where he will oversee banks on a real time basis, especially with the emergence of the digital credit providers and enormous growth in fintech institutions. The nominee also informed the Committee that if appointed the CBK Governor, he would endeavour to deal with key issues. For example, he will deal with the issue of diaspora remittances and how to stabilise the current exchange rates where the rate of the Kenya shilling has really depreciated against the USA dollar. The nominee informed the Committee that he would advise the National Treasury to float a local dollar denominated bond where people, especially in diaspora, would be notified to subscribe. This would be done through the State Department of Diaspora Affairs. This process would stabilise our Kenya shilling as well as invite domestic investment. When we put him to task on whether the current system of importation of oil in local currency shall ease pressure on the dollar, the nominee informed us that this model has reduced demand on the dollar by US$500,000 million. That means the current depreciation of our shilling could be much worse were it not for the consideration of importing our oil from US$ to Kenya shillings. We asked about financial services’ innovations. The nominee noticed and appreciated that there has been an emergence of digital currencies across the world. This is a concern to banks that need to act with speed to provide correct regulatory frameworks and not just condemn emergence of these digital currencies like bitcoins and crypto currencies. When asked about the stability of the banking sector where we have had several banks collapse, the nominee suggested that there is need to look at how to re-finance banks. He spoke of possibilities of having mergers within the banking sector to prevent further closure of banks. However, he notified the Committee that closing a bank should be the last resort because this leads to mistrust in the sector. It causes loss of customers’ deposits and jobs for people in that sector."
}