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{
    "id": 879221,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/879221/?format=api",
    "text_counter": 402,
    "type": "speech",
    "speaker_name": "Kikuyu, JP",
    "speaker_title": "Hon. Kimani Ichung'wah",
    "speaker": {
        "id": 1835,
        "legal_name": "Anthony Kimani Ichung'Wah",
        "slug": "anthony-kimani-ichungwah"
    },
    "content": "The foreign exchange reserves have performed exceptionally well in the last one year one; and at 5.5 months of import cover, they remain an adequate buffer for short-term foreign exchange shocks. This performance is driven by strong growth in Diaspora remittances as well as tourist receipts and increased tea and horticultural exports. As a result, the shilling has remained stable against the major currencies, and the current deficit has narrowed to an estimated 5.2 per cent of Gross Domestic Product (GDP) in 2018 from a high of 6.3 per cent in 2017. It is instructive to note that these foreign exchange remittances from the Diaspora are not a very reliable source of foreign exchange because any external shocks will negatively impact on our economy. Therefore, we implore the National Treasury and the Government to enhance efforts, especially in the tourism sector. Also the agriculture sector, especially tea, horticulture and coffee should also be supported because they are foreign exchange earners for our country; for us to have a more sustainable flow of foreign exchange reserves, other than the over-dependence on Diaspora remittances."
}