Atwoli condemns proposed Forex (Dollar) Hoarding Criminalisation Bill 2023
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COTU boss Francis Atwoli trashes proposed Forex Hoarding Bill, 2023 which seeks to prohibit Kenyans from holding dollars for more than 45 days
COTU boss Francis Atwoli trashes proposed Forex Hoarding Bill, 2023 which seeks to prohibit Kenyans from holding dollars for more than 45 days.
Central Organization of Trade Unions (COTU) Secretary General Francis Atwoli has condemned the new Forex Hoarding Criminalization Act 2023 bill.
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.
Atwoli 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.
The bill, presented by Rongo MP Paul Abour, proposes stringent regulations on the storage of dollars.
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According to the proposal, Kenyans will be prohibited from holding dollars for more than 45 days.
Those who violate the law will face a hefty fine of Ksh1 million or imprisonment for up to 10 years.
Entities might be required to pay even steeper penalties, potentially reaching Ksh10 million.
In the forex industry, the bill has been seen as an affront to free trade and targeting wealthy persons who have made their wealth through foreign exchange.
The lawmaker argued that wealthy individuals have been hoarding the currency since the 2022 General Election despite the country experiencing acute shortage of dollars.
The MP also observed that banks were sitting on Ksh1.2 trillion worth of the currency.
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