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{
    "id": 180942,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/180942/?format=api",
    "text_counter": 264,
    "type": "speech",
    "speaker_name": "Mr. Mbadi",
    "speaker_title": "",
    "speaker": {
        "id": 110,
        "legal_name": "John Mbadi Ng'ong'o",
        "slug": "john-mbadi"
    },
    "content": "Thank you, Mr. Deputy Speaker, Sir. I would like to thank the Minister for that detailed Ministerial Statement touching on that very important issue. Mr. Deputy Speaker, Sir, it is very clear that the inflation rate in Kenya is very high. Actually, as we speak here today, the rate of inflation is at 28.2 per cent which, for a long time, we have not witnessed in this country. There must a reason to that. I want to get some clarification from the Minister. Number one, the Minister has talked about a draft National Payment and Settlement System that is being worked on. He has explained that, that is because the mobile phone operators accept deposit. Since they are not covered by the CBK Act at the moment, then there is a grey area that needs to be addressed. Before that is done, the Minister wants us to believe that everything is okay. As we talk today, the Central Bank of Kenya Act does not have the apparatus and the machinery to monitor those funds. Mr. Deputy Speaker, Sir, number two, the Minister has talked about the relationship between the money and the economic activities. He has rightly recognised that, that is a grey area. The main reason why the Central Bank of Kenya (CBK) needs to monitor the money in circulation is to be able to determine and match it with economic activities. If that area is blank, how is the Minister able to give us confidence that, that electronic money transfer is not affecting our economy? Mr. Deputy Speaker, Sir, the Minister is using the international oil prices to justify the increase in inflation in this country and yet, we are aware that, at the moment, there has been a decline in international oil prices."
}