Central Organization of Trade Unions (COTU) Secretary General Francis Atwoli has trashed the proposed Forex Hoarding Bill, 2023 which seeks to prohibit Kenyans from holding dollars for more than 45 days.
In a statement on Thursday October 5, Atwoli termed the proposal as retrogressive saying it will affect job creation and the freedom of workers.
“The proposed Forex Hoarding Bill, 2023, if passed, would be a step backward, reminiscent of colonial-era practices that stifled individual freedoms and intimidated investment in the country,” read the statement in part.
Atwoli stated that the proposed measures in the bill will discourage individuals and businesses from participating in international trade and currency exchange.
“In today's globalized world, it is essential that we encourage the free flow of capital and support an open, flexible, and investor-friendly regulatory environment,” he added.
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The trade unionist also called on Parliament to come up with legislation that encourages the free and unconditional flow of capital so long as individuals can account for the capital.
Rongo MP Paul Abuor who is proposing the bill on Wednesday said Kenya cannot afford the luxury of people buying dollars and hoarding them for speculation purposes.
“We can’t afford the luxury of people buying dollars and keeping them in their houses for speculation purposes. Even if you have the freedom to buy and sell as you wish, you can’t do it to the detriment of the common mwananchi,” Abour said.
The ODM MP also said the bill proposes provisions that will compensate whistleblowers who report instances of dollar hoarding.
“If you might be having information where someone is hiding dollars for speculation purposes and you report to the authorities, you will be entitled to 10% of the money being hoarded," Abuor added.
