The Parliament has summoned the Minister of Interior, the Minister of Finance and the Governor of the Central Bank to explain the existence of two foreign exchange rates in the economy.

This comes after MPs in the national assembly raised concerns about the rates in the country.

Dr. Festo Kumba, a member of the assembly representing Ezo County, says there is always a huge gap between the official bank rate and the black market rate.

Currently, the official rate is at $1 to 3.16 pounds while at the black market, a dollar is equivalent to 4.65 pounds.

He says this huge difference is negatively affecting the national economy.

“Where dual foreign exchange rates exist within the same country, the national economy loses not only on earnings that come through import and export trade but also on foreign currency brought together in by foreign agents such as tourists, NGOs, diplomats, investors and so on as well as that which is brought in by citizens living and working in diaspora,” said Dr Kumba.

“More importantly, unscrupulous individuals and clicks with links in the country’s banking sector soon crop up and take advantage of the dual foreign exchange system to make fortunes at the expense of the national economy.”