Kenya: Susan Koech Appointed as Central Bank of Kenya Deputy Governor

10 March 2023
Capital FM (Nairobi)
By Susan Nyawira

Nairobi — President William Ruto has appointed Susan Koech as Deputy Governor of the Central Bank of Kenya (CBK) for a four-year term.

The appointment gazetted on Friday followed parliamentary approval on Wednesday.

She was cleared by the House and Senate following vetting by a joint Committee on Finance and Planning.

Koech's appointment is expected to fill a leadership vacuum at the CBK which has been without a second Deputy Governor for seven years.

This was in breach of the law attracting the attention of the Office of the Auditor General.

The Central Bank Act provides that there shall be two Deputy Governors who shall be appointed by the President through a transparent and competitive process and with the approval of Parliament.

Deputy Governors hold office for a term of four years but are eligible for re-appointment for a further term of four years.

Sheila M'Mbijjewe has served as the Deputy Governor of the Central Bank of Kenya since 2015.

During her vetting, Koech pledged to reduce interest rates to a single-digit figure if parliament endorses her nomination.

She promised to bring down the cost of credit, streamline the interbank money market and create more buffers for the shilling.

Read the original article on Capital FM.

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