In spite of heavy intervention in the foreign exchange market, the value of the Kina declined at a fast rate, from around $ 0.70 in 1997 to $ in less than 2 years to 1999. As was the experience in other countries, currency devaluations do not stop the outflow of foreign currency; on the contrary it accelerates it.
*  *  *  Mr. Habil Olaka, Chief Executive Officer, Kenya Bankers Association; Ms. Marianne Ndegwa Jordan, Chief Executive Officer, Kenya Tourist Development Corporation; Mr. Timothy Tiampati, Acting Chief Executive Officer, IDB Capital Ms. Mercy Njeru, Chief Executive Officer, Kenya Rural Sacco Societies Union; Chief Executive Officers of licensed Credit Reference Bureaus; Representatives of FSD Kenya and USAID FIRM; Representatives of SASRA; Representatives of various credit provider institutions; Ladies and Gentlemen: I am pleased to note that you have just concluded the first Annual General Meeting of the Association of Kenya Credit Providers (AKCP).