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{
    "id": 270571,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/270571/?format=api",
    "text_counter": 458,
    "type": "speech",
    "speaker_name": "Mr. M.M. Ali",
    "speaker_title": "",
    "speaker": {
        "id": 74,
        "legal_name": "Ali Mohamud Mohamed",
        "slug": "ali-mohamud-mohamed"
    },
    "content": "Mr. Deputy Speaker, Sir, I was saying that imports and exports of a particular country dictate the strength of that currency. We know it too well that our imports well outweigh our exports and that has a bearing on the Kenyan currency. For example, in November last year during the Euro crisis, we know too well that many other currencies other than the Kenyan currency were affected. The countries which were affected had the same problems. The export that we did was only US$760 million while our imports stood at US$1.453 billion. This gave us a deficit of US$693 million. That means that we imported to the tune of US$693 million worth of goods. This has a bearing on the shilling. The prices of oil had gone up drastically. During the same period, the cost of fuel imports rose from 19 per cent of the total imports in January, 2011 to a peak of 31 per cent in October the same year. This is because of the increase in prices of fuel. This directly had a bearing on the weakening of the Kenya Shilling. During the same period, and it is in public domain, the Euro crisis contributed greatly to major currencies being affected. It affected the whole Continent. It included the South African Rand, which is a stronger currency than the Kenya Shilling. At that time, the Kenya Shilling depreciated by 19.7 per cent while the South African Rand depreciated by 20.6 per cent. The Uganda Shilling depreciated by 20.3 per cent. It also affected the Indian Rupee and so was the Nigerian Naira. I have not heard those countries discussing their governors. They have not reduced the debate to say that the governors are responsible for those depreciations."
}