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{
    "id": 1342567,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1342567/?format=api",
    "text_counter": 170,
    "type": "speech",
    "speaker_name": "Prof. Njuguna Ndung’u",
    "speaker_title": "The Cabinet Secretary for National Treasury and Economic Planning",
    "speaker": null,
    "content": "find that it was running high. It means we were taking foreign savings. We were consuming what we did not have. In a sense, something has to give way. What gives in or gives away is the price. Every time foreign exchange depreciates or even appreciates, it changes the relative price structure of any economy. That is where we are. I am happy about money supply and even the connection being made. I think the most important thing we are doing is relate that to sovereign bonds. However, sovereign bonds are debts. Essentially, we are trying to see what we can solve for our development needs. More importantly, what we really need to know is that it cannot build our foreign exchange reserves because it is a debt to pay in future. We can rely on that in the short-term. The solution to all these problems is to look at our trading patterns—the balance of payment. Current account deficit is the one that measures the net import minus exports and shows that we are consuming more from foreign borrowers. That is the problem. Thank you very much, Hon. Speaker."
}