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{
    "id": 269705,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/269705/?format=api",
    "text_counter": 516,
    "type": "speech",
    "speaker_name": "Mr. Langat",
    "speaker_title": "",
    "speaker": null,
    "content": "Mr. Deputy Speaker, Sir, I thank you very much for giving me the opportunity to support this Report. I am a Member of this Committee. Before I start, first, I want to bring to the House the spirit of the Report. What we are looking at in this Report is not the steady decline of the shilling. It is the sharp and rapid decline of the shilling within a very short time. Therefore, under ordinary circumstances, the market forces will play their part. However, clearly these are not ordinary circumstances for the shilling to decline by 25 per cent or to depreciate by more than 25 per cent within a period of two months. Clearly, there was a failure by the market forces. Therefore, ordinarily, the regulator should have stepped in, in good time. Mr. Deputy Speaker, Sir, we were told about the balance of payments. We do agree it is a fact that that could cause our shilling to depreciate. We were told about the Euro crisis; that is still acceptable. We were told about the prices of oil; that is still acceptable. But clearly there was something that was supposed to have been done in good time and it was done very late. No wonder---"
}