International Financial System Assignment
Added on 2021-06-14
8 Pages2200 Words145 Views
Running head: INTERNATIONAL FINANCIAL SYSTEM 1International Financial SystemNameInstitution
INTERNATIONAL FINANCIAL SYSTEM 2INTERNATIONAL FINANCIAL SYSTEMKenya is a third world country in East Africa that is expanding financially and thus agood country to set up the bank in order to serve the many upcoming businesses. Some of thechallenges that I might face in this new environment are:I will have a hard time adapting. I might find it had to adapt to the country because of thedifferences in time zones. Thus, my body will have a hard time adjusting to the new time zone.Another challenge that I might face is the language barrier. Kenya is a country with many ethniclanguages thus communicating might be a problem in cases where some of the citizens do notspeak or understand English (Fehrenbacher, Schneider & Weber, 2017).In addition, navigating around in the city will be a challenge. I have never been to Kenyabefore hence I am not familiar with the place. Therefore, navigating to places will be difficult atfirst because am not familiar with the area.Also, the local cuisine offered in the country may not be what I like or what I am used to.Thus finding what to eat on a daily basis in order to get what I enjoy may be challenging.Lastly, the local environment in Kenya is quiet and not busy. This is not what I am usedto. The huge change in environment will prove hard to adjust to and will take time. Kenya is a country that is rich in culture and it is their way of life. The country has 42ethnic tribes all which have different cultures. The most common culture that tourists travel to goand see is the Maasai culture. The Maasai are an ethnic tribe that is known for diversity inculture. One that is worldly recognized is the dressing in local African artier. The artier iscolorful clothing with rich African graphics and some even have beads embedded. Another hugeculture is the eating of roasted meat ‘nyamachoma’ and ‘ugali’ which are both local delicaciesthat do not miss in occasions or events.
INTERNATIONAL FINANCIAL SYSTEM 3Kenya is also known for its art and artifacts. The different ethnic groups craft artifactsmanually and these include wood and soapstone sculptures, Maasai beaded jewelry and Khangaswhich are a local type of clothing. The Kenyan education system is 2-6-3-3-3 which is 2years ofpre-primary education, 6 years of primary education, 3 of junior secondary School, 3 of SeniorSecondary and then the last three for tertiary school (University). The country values educationand view it as important for the success of an individual and also a nurturing tool in theirbehavior.Most Kenyans are involved in farming from the planting of crops to rearing of animals.Therefore, most of the food in their country is from their farms and not from industries. Theyvalue farming and in each family household, they have a farm where they grow their own cropsand rear their own animals such as cows for milk. They have a diverse market in farming andeven export the surplus produce.The Kenyan legal system consists of a mix of Kenyan written law, English CommonLaw, and elements of the tribal and Islamic law. The legal system is very similar to that found inEuropean or Western countries and this is due to colonization by the British. The country is arepublic state where the president is the head of state, head of government and they have a multi-party system. The president is elected for a five-year term by the people. Elections are thereforeheld after every five years.The Kenya private sector contributes highly to the country’s economy with a contributionof 80% to the overall GDP. The government does intervene in the private sector by forming thePrivate Sector Development strategy whose main aim is to ensure that the private sector remainsafloat. The country has a high number of unemployed people prompting the government tointervene in the private sector to ensure that it is providing jobs to them. In addition, the country
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