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{
    "id": 269692,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/269692/?format=api",
    "text_counter": 503,
    "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 want to support this Report. Sometime in June, last year, I rose on a point of order to seek for a Ministerial Statement from the then Minister for Finance asking why the shilling was depreciating. At that time, the shilling was exchanging at Kshs80.4. The following month, the Government tried to dodge my statement and the following month in July, hon. Njoroge Baiya pursued the same and asked for a statement. The Minister refused to respond to that statement until later in September. That alone can indicate to the whole world that something was not right. I have heard the Minister for Finance say that we should not blame the Governor. I want to remind the Minister that the Governor of the CBK is on record blaming the falling of the Kenya Shilling on banks. He told the whole country that there were banks that had formed cartels and that they were hoarding foreign exchange. If today what the Committee is saying is not true, then the Governor is the one who has misled the whole country that the banks were to blame. So, he should not blame us but himself. Even before I go into the details of the Committee’s Report, one reason I feel very strongly that the Governor of the CBK cannot be exonerated from blame is because we pay the Governor and the staff who work at the CBK to formulate and implement monetary policies to stabilize the macro-economic environment in the country. If they fail to do so, even without any criminal responsibility; even just ethical and moral responsibility, the Governor must take responsibility."
}