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{
    "id": 97555,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/97555/?format=api",
    "text_counter": 374,
    "type": "speech",
    "speaker_name": "Dr. Oburu",
    "speaker_title": "The Assistant Minister, Office of the Deputy Prime Ministry and Ministry of Finance",
    "speaker": {
        "id": 194,
        "legal_name": "Oburu Ngona Odinga",
        "slug": "oburu-odinga"
    },
    "content": "report on a weekly basis any transactions above US$50,000 and forex bureaus report transactions above US$10,000. However, any amount above US$100,000 has to be reported to the CBK immediately. Commercial banks and forex bureaus have not seen any significant inflows of foreign currency outside the official channels. Further, the CBK has not brought to my attention any potential inflationary risks to the economy which might emanate outside the official channels. (b) I wish to assure this House that Kenya’s inflation rate has been on a downward trend since July 2009. In fact, from January 2010, inflation rate has been well below the target of 5 per cent, with May 2010 posting an inflation rate of 3.9 per cent. (c) The reporting structure which the CBK has put in place is adequate to detect the problem of any money laundering and meets international best practice for reporting illegal and suspicious activities. All the commercial banks and non-banking financial institutions submit to the CBK their balance sheet monthly. That data is published in the CBK monthly economic reports for public information."
}