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{
    "id": 1342565,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1342565/?format=api",
    "text_counter": 168,
    "type": "speech",
    "speaker_name": "Prof. Njuguna Ndung’u",
    "speaker_title": "The Cabinet Secretary for National Treasury and Economic Planning",
    "speaker": null,
    "content": " Thank you, Hon. Speaker. I have a list of six questions that have come up. Let me start with hedging. Using gold to hedge, I think this is a fantastic question. You do remember that the gold standard ended in 1981. It is because it is not a currency, it is a hedging instrument, but you still have to go to a point of sale and that is the problem because you may not determine which way the hedging would go. Unfortunately, the flexibility of currencies outside hedging instruments is becoming very important as it has been appreciated. I am familiar with and even two days ago I saw newspaper reports showing that Tanzanians were buying gold to hedge against currency depreciation. However, they will still face the issue of moving into a point of sale to convert it into a convertible currency. The whole issue is that what you do with your portfolio choice is very important. What we can do here is to provide information on how you can deal with your portfolio choice in given circumstances. The second point is about diaspora dollars in terms of flow. We do brief and we have recognised this for many years. That diaspora remittances are problematic because you are charged the cost of transfer and they are also fixed in terms of the exchange rate. In a sense, you lose double. That is why in the beginning of the decade of 2000, there were many pseudo The electronic version of the Official Hansard Report is for information purposesonly. A certified version of this Report can be obtained from the Hansard Editor."
}