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Kenya: We're best suited to host East African Central Bank

Discussion in 'Kenyan News and Politics' started by Geza Ulole, Jul 1, 2011.

  1. G

    Geza Ulole JF-Expert Member

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    Kenya says best suited to host East African central bank
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    Central Bank of Kenya. Kenya is lobbying to host the East African Monetary Institute- the Central Bank of East Africa - as it seeks to enhance its financial hub status.

    By RAWLINGS OTINI

    Posted Friday, July 1 2011 at 00:00

    In Summary

    Its strengths

    • Kenya has mounted an energetic campaign to host the East African Monetary Institute
    • Kenya, which is currently hosting the Comesa Monetary Institute, at the Kenya School of Monetary Studies has the most developed financial markets in the region.
    • Its profile has been raised with the set up of regional offices in Nairobi by multinationals like Nokia, Coca-Cola, Standard Chartered Bank.

    Kenya is lobbying to host the East African Monetary Institute- the Central Bank of East Africa - as it seeks to enhance its financial hub status.

    Officials say the country has the facilities and capacity at the Kenya School of Monetary Studies to host the institute.

    We expect that we will be able to secure this position," said Christopher Kiptoo, director economic policy coordination in the office of the prime minister.

    Kenya currently hosting the Comesa Monetary Institute at the Kenya School of Monetary Studies has the most developed financial markets in the East African Community (EAC).

    "We are already hosting the Comesa Institute and it should be very easy for us to host the East African Monetary Institute because the two bodies are similar in operations," said Richard Sindiga, director economic affairs Ministry of EAC.

    Mr Sindiga said the institution will enhance Kenya's position in the EAC, helping to lure foreign investors.

    He said with the ongoing harmonisation of the regional trading blocs such as Comesa, Igad, Sadc and EAC, there will be need to have only one institute and most likely the already existent Comesa Institute. The host country will have the opportunity of being a financial hub of the East, Central and Southern Africa.

    The negotiations on who will host the central bank is expected to renew political supremacy wars in EAC.

    "The negotiations over the host of the region's central bank will spur political disputes just as witnessed when the European Union was planning a location for the European Central Bank," said Mr Kiptoo.

    The Central Bank of East Africa will be established at least six months before the monetary union comes into force in 2015, said Mr Kiptoo.

    The bank will be a temporary institution that will put in place the necessary requirements for the running of a monetary union and the introduction of a single currency and the eventual formation of the East Africa Central Bank. Kenya's profile has been raised in recent years with the set up of regional offices in Nairobi by multinationals like Nokia, Coca Cola, Standard Chartered Bank, Hong Kong and Shanghai Banking Cooperation (HSBC).

    This has been driven by increased political stability following the promulgation of the new constitution and improved infrastructure.

    Uniform standards

    Officials are currently working at to harmonise the operations of the various ministries in the region such as the Ministry of East African Community, Ministry of Trade, and the Ministry of Foreign Affairs to gain maximum returns from regional integration negotiations.

    The Capital Markets Authority is also working to put in place a futures exchange that will open up more opportunities for EAC investors helping grow the regional financial sector.




    Business Daily: *- Money Markets*|Kenya says best suited to host East African central bank

    MY TAKE

    The reasons given by Kenya are very weak! IF Kenya hosts COMESA Monetary Institute then why the hell are they fighting to pile up those financial institutes in Nairobi? Is it cause they want to be a financial hub? If so is their reason substantiated? I think they need to go to hell! these same dudes were even fighting for the EAC Headquarters apart from recent fighting for the position of secretary General contra Rwanda and Burundi on weak reasons like they are new comers in the community! How about Tanzania, Uganda, Rwanda and Burundi rights to host the same organ? every other member of EA want also that institute and probably not out of the mere greedy aspirations as Kenya but to serve the region in dignity!
     
  2. Mo-TOWN

    Mo-TOWN JF-Expert Member

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    If Kenya is lobbying to host EA central bank who is to blame? I hope you are not suggesting that other EC memmber countries are incapable of lobbying or because Kenya is doing so then they should not be lobbying.

    I am afraid you have exemplified the typical feeling that other EA countries are not as proactive as Kenya. U bet get it fast that, EAC is not about equal distribution of economic opportunities...

    We live in a competitive World..I am TZN but as far as KE is concerned they have all them advantages to host EA cental bank... They have seen it and going for it...what's wrong with that..
     
  3. n

    nomasana JF-Expert Member

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    what is preventing TZ UG RWA or BUR from lobbying for the same thing??? what are they waiting for??? why should Kenya not lobby to host it??? and what is wrong with kenya trying to be the region's financial hub???
     
  4. G

    Geza Ulole JF-Expert Member

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    you are as lame as the Kenyan dudes! who doesn't have those advantages with the rest of the members? i bet u r a disappointing creature to support the weak reasons given by Kenya, institutions are not established based on what you have e.g. another Monetary Institute but a need to exist there!
     
  5. G

    Geza Ulole JF-Expert Member

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    cause ur reasons are flawed! U just want the institution to prove supremacy i.e. financial hub and not what the institution offers or caters for the rest of the member! Therefore u will be automatically excempted from hosting that institution
     
  6. Njowepo

    Njowepo JF-Expert Member

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    Kenya watatubuluza daima tusipokuwa makini
     
  7. n

    nomasana JF-Expert Member

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    so why are the rest of the members not lobbying??? what are they waiting for? is Kenya lobbying to host the central bank illegal?
     
  8. Mwendabure

    Mwendabure JF-Expert Member

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    Umeoaneeeh!! Na tulivyotingwa na kukimbizana na siasa zetu za ugolo ndo kabsaaa... Tukishituka tumeliwa. Inauma sana wajameni.
     
  9. RAJ PATEL JR

    RAJ PATEL JR JF-Expert Member

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    If our minister for finance, treasury secretary, and even the president himself have all been snoozing and haven't shown any interest in lobbying for hosting that important insitution then I don't see why we should blame Kenya for that.
     
  10. P

    Percival JF-Expert Member

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    Swadakta maneno yako kijana. I dont see what is the problem for Kenya to lobby, beside it is their right as member, they have all it take to host such institution.
     
  11. Jaguar

    Jaguar JF-Expert Member

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    Yeah,i'm a Tanzanian but the one who is fast asleep is not supposed to be awakened!
     
  12. Bantugbro

    Bantugbro JF-Expert Member

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    Given the above-mentioned STRENGTHS, if SWOT analysis is going to be used then i don't see how KE will be able to host the Institute!. It is an open secret that KE's WEAKNESSES far outweighs her core STRENGTHS in the bid. However, as 'usual' the author didn't even bother to mention that. The same situation applies to RW and BUR all have got potential but they are very risk places to host this all too important institution. Where now?? this leaves two prime locations: the brand new EAC Hq at Arusha (i guess they have already allocated a place for it in the ground level floor!!), or somewhere in Kampala, UG...
     
  13. Manumbu

    Manumbu JF-Expert Member

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    I hear one of the reason of building twin towers in Dar was to host the Eas Africa Central Bank. if this is true, that means Tz saw that well in advance and started preparing its infrastructure mapema kabisa. certainly Tz should be lobbying for hosting the EACB. only that maybe we are not told if this lobbying by TZ is happening
     
  14. Kang

    Kang JF-Expert Member

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    Irrational hatred of Kenya continues, everybody should strive for the best and that is all that they are doing.
     
  15. Bantugbro

    Bantugbro JF-Expert Member

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    Can you back your accusations by showing which post did that...?
     
  16. rosemarie

    rosemarie JF-Expert Member

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    Kenyan they are always grabbers and chancers
     
  17. VoiceOfReason

    VoiceOfReason JF-Expert Member

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    Mkuu I think the reasons you are giving for Kenya not Hosting East African Central Bank are very weak to say the least. You will be in a better position to say why should Tanzania or Uganda Host it instead of Kenya... What reasons are there for Unganda or Tanzania to be better suited.

    Ingawa mimi ni Mzalendo lakini ili tuangalie mambo critically na kupata solution inabidi Uzalendo tuuweke kando
     
  18. G

    Geza Ulole JF-Expert Member

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    I only see flamboyancy on Kenya's argument (i.e. cause they have this then they qualify to have that) nothing of sound finance policies to make them better suitable to host the institution!
     
  19. VoiceOfReason

    VoiceOfReason JF-Expert Member

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    I can see your point, but honestly can we build a case that we are better suited ? Can we even say because we have got this we are qualified to have that?..., My point being what have we got which is better than our competitors or which our competitors dont have, I think if we can come with those things we can be in a better position to argue our case.
     
  20. Kang

    Kang JF-Expert Member

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    Ok, lets start with the thread starter.
    Irrational hatred exhibit one.
    Whats wrong with Kenya trying to get these positions? Is it illegal? is it not allowed? Just because they went after position A does it mean they are not allowed to go after position B? After all they do have the right to lobby for these positions, it doesn't mean they will get them but they are putting their case forward reasonably.

    Irrational hatred exhibit two.
    Yes they want and maybe already are a financial hub, whats wrong with that? Their argument is they have the COMESA institute which gives them experience in handling such matters, simple really.

    Then your own post.
    Which open secret is that? What weaknesses are you talking about, and what is the case for Tanzania or Uganda?

    Instead of attacking Kenya for doing its job why don't you or one of our snoozing leaders present the case for Tanzania or Uganda? And seriously we have the HQ, and still this petty hate, come on guys.
     
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