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{
    "id": 1285748,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1285748/?format=api",
    "text_counter": 170,
    "type": "speech",
    "speaker_name": "Sen. Olekina",
    "speaker_title": "",
    "speaker": {
        "id": 407,
        "legal_name": "Ledama Olekina",
        "slug": "ledama-olekina"
    },
    "content": "One of the biggest challenges that we have in this country is that many people who are tasked with responsibilities are not qualified enough. In most cases, they are appointed based on who they know, and where they have been. When it comes to the issue of monetary policy and the economy of a country such as this, over the last two years, we have seen the way the exchange currency in this country has gone down. Today, a Dollar is trading at about Kshs150. I dare say all that leads down to the policies. When you look at our neighbouring countries, a good example is Ethiopia and Rwanda, there are policies that are defined to protect the currencies of those countries. Someone who led the CBK should understand the unintended consequences of protecting trade in the country. If you go to Ethiopia today and you attempt to exchange dollars in a hotel, the exchange rate will be for one dollar, you probably get 55. If you go to the streets, you will get a 110. In most cases, when you go to those hotels and you try and pay with their own money, they will not allow you to do it. They will tell you to pay in dollars because they want to build that economy. If you trade in a country like Rwanda or Burundi, it will be very difficult to take all your profit out of your country. I am not saying that we should start policies that hinder investors from repatriating their profits. We have to have a balance. This issue where the dollar is constantly in free fall, is something that should worry any economist in this country. Any leader in this county should be worried. I had a quick chat with Sen. Tabitha Mutinda on the gentleman whose nomination we are about to approve. She said to me he is very knowledgeable. I hope that we are not just coming here to approve for someone else to go and sit in CBK but then move this country to where no one would want to be. Currently, we have to be very realistic. De La Rue moved out of this country. The CBK is tasked with the responsibility of ensuring that they come up with policies to print currencies. We need to know why De La Rue left and how we are going to print money. I am not saying for the sake of trying to stabilize the currency. Sometimes, you have notes that become too old and you want to print new. So, as we deliberate, reward Kenyans and talk about people taking over. I hope that this gentleman whom I have seen the recommendations are quite good, can restructure the roadmap to saving this economy. In fact, if you stabilize our currency so that we move from being slaves of hard currencies, at least we can talk about Kenya having a future. The biggest challenge we have today is that although Kenya is regarded as the biggest economy in East Africa, some might say in East and Central Africa because of its stability, our currency is still soft. I hear people ask why is it that we have to trade with the dollar. Why can we not trade among each other with our currencies and maybe that is something we need to talk about. Mr. Speaker, Sir, yesterday, I had one of my colleagues talk about the Government-to-Government (G2G) agreements in terms of importing of petroleum into this country. A lot of people do not really understand the G2G. The Government had nothing to do with the money. The Government does not own anything. It is the oil marketers that own. However, if the dollar continues being on a freefall, the oil marketers The electronic version of the Senate Hansard Report is for information purposesonly. A certified version of this Report can be obtained from the Director, Hansard Services,Senate."
}