. the central bank will continue to monitor developments in the foreign exchange market but allow genuine demand and supply factors to determine the level of the kenya shilling exchange rate. finally, measures to promote exports including foreign direct investment are critical to the long term stability of the kenya shilling exchange rate. 9. in closing, let me take this opportunity to thank the over 300 private enterprises that responded to the year 2013 foreign investment survey questionnaires. the response rate of 75 percent was impressive and we look forward to better this performance in this year ’ s survey. the time spent building this critical information base is for our mutual benefit and the people of kenya. 10. it is now my pleasure to invite the cabinet secretary, national treasury to make his remarks and official launch the 2015 foreign investment survey. thank you. bis central bankers ’ speeches

getting stronger, some then start to question things. i ’ m rather shocked by the number of voices being raised to explain how we can, after all, easily live with major imbalances and that they can be economically justified. i do not believe this to be the case at all. i think we have to resolutely carry on and bolster the efforts being made in this area. from that viewpoint, the euro area as a whole does not have an external imbalance since our current account balance is broadly in equilibrium. what importance do you ascribe to the debate on the international monetary system? – i think that the points identified by the g20, from a long - term standpoint, particularly the issue of capital flows, special drawing rights and other topics associated with the international monetary system, are interesting. it is good to discuss them. ultimately, though, we have two questions for the short to medium term. one of these involves the relationships between the major convertible currencies : the dollar, the euro, the yen, the pound sterling, the canadian dollar. for over 30 years we have had a system in which these important relationships have been monitored by the g7. from that viewpoint, these relationships have not been destabilised in the course of the crisis. we should congratulate ourselves on this, even though it calls for constant vigilance of course. then there is a topic on which it seems to me that the international community also agrees, i. e. the ties between the currencies of the major emerging countries, which themselves have very large surpluses, and all the other currencies, including the major convertible currencies. the currencies of these major emerging countries with large surpluses must progressively become more flexible, i. e. appreciate in an orderly and progressive manner. in europe there are genuine concerns about the union ’ s capacity to overcome the debt crisis facing the peripheral countries. the markets are highly sceptical. what can they be told in order to convince them of the relevance of the measures undertaken at the european level? – on the issue of fiscal policies, i believe that the european central bank, through me, can reiterate certain points. firstly, we always said that when there was a single currency but no political federation, there was a clear need for budgetary supervision. this was hotly disputed. i can remind you how in 2004 and 2005 major countries, notably france but also germany