DO NOT ALLOW DOLLAR MARKET MADNESS
With Odongo Odoyo
My friend approached me breathless and as if panting from a long marathon race. He called Yaba, if this trend continue then we are going to have too much dollars that we do not need. This time l can swear the Central Bank has come up with a mopping strategy that is like directing all local currencies back to the coffer and leaving the USD alone open in the market. In fact the black market dealers are crying foul because of the dollar nose-dive. Dollar is below 450 SSP mark in the open and almost the same in the commercial banks. So who needs the dollar if it is the same with our SSP. What Central Bank should do to us is to put in place an inter- banking trade in the region where other commercial financial institutions could accept trade in SSP. This would eliminate the madness of looking for dollars in the name of even when importing a matchbox or cabbage. Is there any reason why the dollar rate should be allowed to skyrocket making it impossible for the basic commodities to reach all families. The word USD has been on the lips of so many that it has lost the taste and should be headed for the dustbin. In some homes and countries some people go to grave or reach their old age without knowing leave alone knowing, touching the paper called USD. They have never had any use for what is called dollar unless travelling outside their countries and if it so happened, then one needs only to use the inter-banking transaction to get the business going. Not to go hunting along the streets where even one’s life is in danger from criminals and even the authorities who are regulating and keeping law and order that backstreet dealing which are outlawed remained outlawed. The banking laws should make it possible for anyone in need of cross border transaction did not carry with them huge amount of money which can easily be sent through the commercial banks. Some financial institutions act like brokers for the USD. This scenario should be discouraged and put to a stop to end the dollar madness. Going with the current madness in the business sector where even water hawker and mama mboga are all talking about the price hike due to dollar madness, the habit should not be allowed as it could easily turn the youth to worship this madness which would not be the case. The shoe-shiners and even mask hawkers have turned prices up citing the madness in dollar rate. This time around the regulator seems to be in the right track of controlling the madness. Let this be permanent and let it be forever. It has come far too long which must end somehow. The Central Bank should do the country proud by ensuring the dollar rates remained where it is now and even go down more for the growth of the economy. Those trying to stab this move from the back stand condemned equated by those trying to sabotage the economic growth.