Kamau Thugge’s Appointment as CBK Governor Receives MPs’ Approval
The Finance and Planning Committee of the National Assembly. Has recommended the confirmation of Dr. Kamau Thugge as Governor of the Central Bank of Kenya. Allowing the current Head of Fiscal Affairs in the Council of Economic Advisers and former Principal Secretary of the National Treasury to succeed Dr. Patrick Njoroge. As the tenth occupant of the Haile Selassie Avenue office.
By sections 13(1) and 13C of the Central Bank Act. Sections 3 and 8 of the Public Appointments Act. And Standing Order 216(5). The Portfolio Committee on Finance and National Planning recommends that the National Assembly approve Dr. Kamau Thugge’s nomination as Governor of the Central Bank of Kenya.
On 28 April, President William Ruto favored Thugge out of the six candidates shortlisted by the Public Service Commission. His vetting took place on the 30th of May. During which he stated that his primary objective as governor would be to build on the momentum of consolidation. In Kenya’s banking sector by focusing on larger and better-capitalized market players.
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“The nominee informed the committee that, if confirmed, he would ensure the greater realization of mergers and acquisitions in the banking sector as a means of ensuring efficiency and stability in the banking industry,” according to the report of the committee.
Thugge has also signaled his intention to spearhead the issuance of a dollar-denominated bond. On the local market as one of the measures to address the current challenges in the foreign exchange market. Which have resulted in the shilling’s depreciation against major currencies.
He believes that the issuance will assist in reducing what he perceives to be an excess of foreign currency deposits. Held by Kenyans.
“The nominee noted that the depreciation of the shilling was due to both rising global inflation and the performance of the U.S. economy. According to the committee’s report, consultation with the banking industry was required to determine the apparent causes of the hoarding of foreign currency deposits.
The incumbent, Dr. Patrick Njoroge, is scheduled to step down on June 17; Thugge is now expected to take over before then.
Kamau Thugge’s Appointment as CBK Governor Receives MPs’ Approval
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