President Uhuru picks 5 nominees for CBK board

After close to a two year wait, the Central bank of Kenya (CBK) is set to have a board of directors before the end of the year.

President Uhuru Kenyatta has nominated five members to join the powerful board.

The five, if approved by parliament, will join Chairman Mohamed Nyaoga who has been heading the board with no directors since June 2015.

The five nominated board members are Ravi Ruparel, Nelius Kariuki, Samson Cherutich, Charity Selina Kisotu and Rachel Bessie Dzombo.

Mr Rupel currently works with Financial Sector Deepening Kenya as a senior policy advisor. FSD works towards ensuring financial inclusion.

Mrs Kariuki is the immediate former chairperson of the Kenya Re board where she served as a director and later chairwoman. She made headlines becoming the first woman to chair a board in Kenya.

Mr Cherutich is the current financial controller of Nairobi Hospital while Ms Kisotu has previously served as the chairperson of the National Social Security Fund.

Mrs Dzombo is the Executive Director of Danicha Investment Limited.

The CBK board is charged with creating policies, providing oversight of the bank’s strategy and ensures sound financial management.

Changes to the Central Bank Act in 2012 created a two tier board to oversee the performance of the regulator under the governor.

The five will be vetted by the Departmental Committee on Finance, Planning and Trade next week Friday.

Other members who sit on the board include Treasury Principal Secretary and the governor.

The country’s financial sector is currently undergoing rapid changes especially with the Bank Amendment Act that caps interest rates charged by banks on loans.

There has been long standing concern that the absence of the CBK board would compromise monetary policy as the governor was left to implement policy changes without checks and balance.

The banking sector has also been rocked to its core with the collapse of three banks in under a year.

Under the Central Bank of Kenya Act, the responsibility for determining the policy of the bank, other than the formulation of monetary policy, is given to the board of directors.

The board is expected to meet once every two months to review the bank’s performance, approve capital expenditure as well as monitor management decisions.

Tags:

Uhuru kenyatta patrick njoroge Central Bank of Kenya regulator Mohamed Nyaoga monetray policy Nelius Kariuki Ravi Ruparel Samson Cherutich CBK Board Charity Selina Kisotu Rachel Bessie Dzombo

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