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{
    "id": 180941,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/180941/?format=api",
    "text_counter": 263,
    "type": "speech",
    "speaker_name": "Mr. Michuki",
    "speaker_title": "The Minister for Environment and Mineral Resources",
    "speaker": {
        "id": 183,
        "legal_name": "John Njoroge Michuki",
        "slug": "john-michuki"
    },
    "content": " The only impact November 4, 2008 PARLIAMENTARY DEBATES 3237 of this technological advancement is that the relationship between money and economic activity is increasingly becoming blurred. Of course, it is a function of money to do that. We are checking it with the Central Bank of Kenya to consider defining each monetary policy operating procedures. Hon. Members, I am informed that this is an on-going exercise. With respect to the issue of subjecting our financial systems to prudent regulations for robust and secure monetary movement of funds across the economy, I wish to state categorically that the bank has the capacity--- It is only fully empowered with the relevant legal instrument to carry out its mandate. The Central Bank of Kenya Act and the Banking Act can stand the test of the day. Moreover, the bank subjects countrys' payments and settlement system to the best international practices, including those core principles developed by the Bank for International Settlement in Basel in Switzerland. Mr. Deputy Speaker, Sir, as I conclude, I wish to make it clear that it is not correct to argue that the current high inflation phenomenon is the result of use of mobile-based E-Money. To the contrary, the high inflation that has hit Kenya reflects the rapid increase in food prices occasioned by shortage in domestic food production. You know why that shortage came about. It has been compounded by the high international oil prices. That is the source, rather than the circulation of money of very insignificant account of Kshs50,000 bob! It is also important to note that even globally, prices of grains have skyrocketed as the use of grains as alternative sources of energy has reduced their availability for human consumption. Finally, I wish to assure this House of the Government's commitment to maintaining a stable macro economic framework, as predictability is key to decision-making by households, as well as the business community in conducting their affairs. In this regard, we will continue to implement prudent fiscal and monetary policies and to closely monitor our financial sector and payment settlement in order to safeguard any undesirable systematic developments. Thank you, Mr. Deputy Speaker, Sir."
}