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{
    "id": 496590,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/496590/?format=api",
    "text_counter": 97,
    "type": "speech",
    "speaker_name": "Hon. Aden",
    "speaker_title": "",
    "speaker": {
        "id": 15,
        "legal_name": "Aden Bare Duale",
        "slug": "aden-duale"
    },
    "content": "Hon. Speaker, Germany continues to grow as an economy because many of the people who joined the Euro are now able to come and buy goods from Germany without having to suffer the transactional costs. For that reason, Germany is now able to increase its trade with countries within the monetary union. Those who say that Kenya is, indeed, a stronger partner in this union should then be the first ones to sign this protocol. Indeed, it is us who have the manufactured goods that need to be bought by the other countries within the region. It is us who have industries that are far advanced than the ones in the region. For that reason, Kenya stands to benefit from this particular union the day we achieve it. The year 2030 is a realistic date. We need to take cautious steps as we move towards this monetary union. The members of the Common Market, who are going to move with us in that direction must have certain things. Number one, in my view, each of the members must adopt an open market strategy. We must have economies that are openly managed and whose currencies are not pegged, but are currencies that are free floating in the market. This will help us to know the true value of the Ugandan Shilling or the Tanzanian Shilling before we say that we have a common unit. All these other currencies will be dissolved. The Kenyan Shilling and the Ugandan Shilling will be dissolved. So, if you who have Ksh100 at the time the currency is dissolved, we want you to get a fair value in comparison to the one who had an equivalent value in money in Uganda."
}