Photos/FILE The House committee wants Major General Gichangi to explain if he knew of any cartels that led to the rapid erosion of the value of the shilling –from Sh85 to Sh107 against the dollar, between August and November 2011.
By NATION REPORTER
Posted Sunday, January 29 2012 at 21:11
Posted Sunday, January 29 2012 at 21:11
Kenya’s spy chief and executives from leading banks are some of the people expected to appear before a Parliamentary committee investigating the depreciation of the shilling.
National Security Intelligence Service (NSIS) Director-General Michael Gichangi, the Central Bank Governor Prof Njuguna Ndung’u, and Equity Bank Chief Executive James Mwangi are expected to shed light on the currency fluctuation when they appear before the committee this week.
The House committee investigating the rapid decline of the shilling wants Major General Gichangi to explain if he knew of any cartels that led to the rapid erosion of the value of the shilling –from Sh85 to Sh107 against the dollar, between August and November 2011.
The chairman of the committee, Mr Adan Keynan (Wajir West), said all of them have significant information that could help the House find out the cause of the shilling slide against major international currencies.
“We have to be ready with the report before the House returns from recess,” Mr Keynan told the Nationon Sunday.
The intelligence boss will testify in camera due to the sensitive nature of the matters that he will present before the committee.
The committee’s bile, if the mood of the hearings are anything to go by, is reserved for the CBK governor. Prof Ndung’u has been accused by some of the witnesses of sleeping on the job.
Experts such as eminent economist David Ndii said Kenya’s monetary policy was “incoherent” and asked why the Monetary Policy Committee had not rectified the situation
A former governor, Mr Micah Cheserem also criticised CBK for its inaction.
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