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 )
Opera News is a free to use platform and the views and opinions expressed herein are solely those of the author and do not represent, reflect or express the views of Opera News. Any/all written content and images displayed are provided by the blogger/author, appear herein as submitted by the blogger/author and are unedited by Opera News. Opera News does not consent to nor does it condone the posting of any content that violates the rights (including the copyrights) of any third party, nor content that may malign, inter alia, any religion, ethnic group, organization, gender, company, or individual. Opera News furthermore does not condone the use of our platform for the purposes encouraging/endorsing hate speech, violation of human rights and/or utterances of a defamatory nature. If the content contained herein violates any of your rights, including those of copyright, and/or violates any the above mentioned factors, you are requested to immediately notify us using via the following email address operanews-external(at)opera.com and/or report the article using the available reporting functionality built into our Platform See More