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CBK Governor Disputes Gachagua's Claims Of Forex Shortage

Deputy President Rigathi Gachagua recently held an interview with Waihiga Mwaura of Citizen TV. The Deputy President discussed a number of issues ranging concerning how the new government was intending to reduce the cost of living.

What caught the attention of many was Gachagua's disclosure that the Central Bank of Kenya lacked enough foreign currency (forex) to import oil from outside. Something that could cause an oil shortage crisis.

However, the Central Bank of Kenya has disputed this claims saying that it's reserves are adequate which helps to buffer against shocks in the forex market. Furthermore, CBK has added that commercial banks are the ones responsible for offering foreign exchange to oil importers and not the CBK.

This is not the first time a government official has contradicted Rigathi Gachagua. Some weeks ago Finance Cabinet Secretary Ukur Yattani debunked Gachagua's claim that the country was broke 

I hope in the future there will be dialogue to avoid such contradictions.

Content created and supplied by: Caleb Malel (via Opera News )

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