Dr. Oburu Odinga

All parliamentary appearances

Entries 1311 to 1320 of 1641.

• 25 Nov 2009 in National Assembly: Mr. Deputy Speaker, Sir, the decline or appreciation of the US Dollar against the Kenya Shilling was a result of the appetite for people to invest in dollars. People were taking dollars and because of that, the currencies depreciated their values. This is part of what was called the toxic assets. When people realized that the dollar was actually speculative and that it was not such a safe asset to invest in, people started withdrawing from the dollar. Some were going to invest in gold. You heard the case in Indonesia of 21 tonnes of gold. As a result of ... view
• 25 Nov 2009 in National Assembly: Mr. Deputy Speaker, Sir, the fluctuation in the value of currencies is a double-edged process. When the shilling gets weaker, it advantages the exporters and disadvantages the importers. This is because those who import, only import capital goods, some of which are raw materials for our industries. When the shilling becomes weaker there is a lot of pressure for us in the Treasury on how to cushion importers against this. During the crisis, this was very serious. There are some importers who had made orders and within less than a month the shilling shot up from Kshs75 to the US ... view
• 25 Nov 2009 in National Assembly: Mr. Deputy Speaker, Sir, in this country, we used to have an Exchange Control Act, which was repealed. Therefore, we went into a free market where the Shilling is exposed to all the other currencies of the world. We have a free market; the inflow and outflow of the currencies determines the value, the weakness or the strength of the Shilling. It is not the strength of the Dollar; you are talking about the strength and the weakness of our Kenya Shilling in the free market. So it is really unless the hon. Member is suggesting that we go back ... view
• 25 Nov 2009 in National Assembly: Mr. Deputy Speaker, Sir, I was giving the example of gold because we are also now taking measures to keep our reserves not only in the dollar, but also in all the other convertible currencies, so that we do not solely depend on one currency. We are monitoring the movement of all these currencies on a daily basis at the Central Bank, to make sure that we are not dependent on a single currency. view
• 25 Nov 2009 in National Assembly: On a point of order, Mr. Temporary Deputy Speaker, Sir. It is not true that we have not objected to this matter. My instructions from the Ministry are that this Bill is infringing Section 48 of the Constitution, which states as follows:- “48A(1). The imposition of taxation or the alteration of taxation otherwise than by reduction---” view
• 25 Nov 2009 in National Assembly: Section 48A, paragraph (2) provides as follows:- “48A(2). The imposition of a charge on the Consolidated Fund or any other Fund of the Government of Kenya or the alteration of any such charge otherwise than by reduction---“ view
• 25 Nov 2009 in National Assembly: Any Bill touching on these provisions needs Presidential consent before it is brought to the Floor of the House. view
• 25 Nov 2009 in National Assembly: On a point of order, Mr. Temporary Deputy Speaker, Sir. This is a charge on the Consolidated Fund. It is clearly a charge because the Government of Kenya operates on a zero-budget. Every year, provisions are made, they come to this Parliament for approval to withdraw money from the Consolidated Fund. If you are going to allow withdrawal of funds which are not provided for in the Constitution, because the President has to assent to any increase--- Whatever we pass now, if somebody is going to benefit five years earlier than he or she should have, this is going to ... view
• 25 Nov 2009 in National Assembly: On a point of order, Mr. Temporary Deputy Speaker, Sir. Is there a quorum in the House? view
• 19 Nov 2009 in National Assembly: Mr. Deputy Speaker, Sir, this is a continuation of the moving of the Competition Bill--- view