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{
    "id": 269679,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/269679/?format=api",
    "text_counter": 490,
    "type": "speech",
    "speaker_name": "Mr. Kiunjuri",
    "speaker_title": "The Assistant Minister for Public Works",
    "speaker": {
        "id": 175,
        "legal_name": "Festus Mwangi Kiunjuri",
        "slug": "mwangi-kiunjuri"
    },
    "content": " Mr. Deputy Speaker, Sir, as you said, it is important that we listen and be patient. That is because everybody will have an opportunity to be listened to. We have seen that there are so many factors like continuous and persistent drought, the post election violence and the rising of food and fuel prices. The Committee itself noted - and I want to quote from them - that the economic causes such as the wide currency account deficits, the Euro crisis, large import bills of non-essential commodities and the Arab uprisings or “spring”. They also noted that there were other factors. They said that some people even panicked; the fuel industry. The importers panicked and went for the dollar. That aggravated the situation. We are all in agreement that the Euro depreciated steadily after the Euro zone debt crisis which also caused jitteriness. We are in agreement and this Committee acknowledges that the Governor took action. If you look at this Report, you will find that the Committee is clear that the Central Bank of Kenya (CBK) started tightening its monetary policy stance since March, 2011. That is in this Report. The Committee acknowledges that. When they come here and tell us that the Governor took no action, that then becomes contradictory. That is their own Report. Mr. Deputy Speaker, Sir, if you look at this Report, you will realize, again, that the Committee was also in agreement that there were other organs of Government that never took any action. They are in agreement that despite the Governor trying very hard to work: “The report observes that CBK undertook policy action to address depreciation of the Shilling, monetary policy actions which were not immediately backed by corresponding actions by other organs of the Government.” That is on page 14, article 224. That means that this Committee is not solely blaming the Governor for the decline of the shilling, and that there were other factors. The Governor does not operate in isolation because they have a committee that is also charged with the responsibility, equally, as the Governor, to monitor. We have the Monetary Policy Committee headed by professors."
}