Central Bank calls on Uhuru to fix shilling
12 October 2011, 11:07
Nairobi - The Daily Nation reports that Central Bank(CBK) Governor Njuguna Ndung’u had been summoned by the Parliamentary Committee on Finance, to explain to them CBK’s strategy for bailing the shilling which has lost a third of its value and is now trading at lost Sh107 to the dollar.
Ndung’u has said that it’s up to the Treasury to formulate policies to stabilise the shilling, as the CBK had done all it could within its mandate by increasing interest rates and that is is now up to the Treasury and other government agencies that deal with taxation to implement the necessary measures.
Ndung’u went on to add that the responsibility of ensuring that there was adequate food and oil, among other essential commodities, lied with the government through the fiscal policy set by the Treasury.
The Committee chairman Chris Okemo said that solving the shilling crisis will require the cooperation of all the stakeholders from all sectors of the economy, including the government, the private sector and CBK. Okemo’s team will be summoning the Minister of Finance Uhuru Kenyatta and the Treasury department to tell them their strategy for countering the crisis.
For more visit Daily Nation