Another group trooped to the Governor of the Central Bank, lamenting about the strength of the Kenya shilling against the dollar, and its negative impact on exports – asking for intervention, or exchange rate controls to weaken the shilling.
But is it possible and how? According to economist Dr. David Ndii, the Central Bank is largely unable to control currency and inflation rates. Inflation because a large part of the economy is informal (and unbanked), and the shilling because of remittances.
Remittances grew from ¼ to almost 1/3 of export earnings and grew by 43% compared to exports which grew by 13% from 2005 to 2006.
So unless authorities crack down on money transfers, or asks Kenyans in the diaspora to channel their funds through more productive avenues and investments, this is likely to continue. And with Equity bank and Safaricom poised to enter the international money transfer business, the reach of the diaspora to rural Kenya is about to take another leap forward.
Ultimately we all hope the strong shilling can lead to a lower fuel bill for the country ad petroleum prices impact so many aspects of the economy including the cost of production for exporters.
most from the daily papers this week
Executive secretary at the Africa capacity building foundation based in Zimbabwe. D/l is 31/8
Dozens of executive positions at the new Africa financial corporation to be headquartered in Lagos. . Details at KPMG site and d/l is 15/7
Baker tilley merali CPA: audit manager, senior audit professionals. Apply to email@example.com
Senior advisor Kenya at Danida. Apply online
Governance advisor Kenya, at DFID – the British government department for international development. Apply to firstname.lastname@example.org by 23/7
Elizabeth Glaser pediatric aids foundation: finance/HR manager, finance/admin assistant. Apply to email@example.com by 23/7
Non executive board chairman at the Emerging Africa infrastructure fund. D/L is 31/7
Express advertising: account director, PR & events manager, media manager. Apply to Monty@expressad.co.ke by 19/7
First Community Bank – Kenya’s first Islamic bank. Vacancies include head of risk management, head of corporate banking, head of retail banking, head of operations, head of treasury. Apply to firstname.lastname@example.org by 20/7
Industrial promotion services aka IPS: business process re-engineering managers /officers and
food sector business development officers. Apply to HR@ipskenya.com by 30/7
Kenya airways has finally embraced the online application process. Current vacancies include IS officer, automations service manager, licensed engineer, technicians as well as pilots and cabin crew.
General manager at Kisii bottlers limited. Apply to email@example.com by 18/7
Managing editor – quality & product development at KTN. d/l is 12/7
International jobs can be viewed at the Kenya Ministry of Foreign Affairs website
Nation media group. Writers, also Internet sub editor.
TNT international: sales account manager, sales administrator, IS administrator. Apply to
firstname.lastname@example.org by 20/7
Senior malaria advisor at USAID. check online and d/l is 20/7
World Bank young professionals program d/l is 15/7