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{
    "id": 319484,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/319484/?format=api",
    "text_counter": 272,
    "type": "speech",
    "speaker_name": "Mr. M’Mithiaru",
    "speaker_title": "",
    "speaker": {
        "id": 72,
        "legal_name": "Ntoitha M'mithiaru",
        "slug": "ntoitha-mmithiaru"
    },
    "content": "Thank you, Mr. Deputy Speaker, Sir, for allowing me to continue with my contribution to the Central Bank of Kenya (Amendment) Bill. The House is already aware that the amendment to the Central Bank of Kenya Act was actually initiated by Parliament through the Finance Act of 2012. But there were no sufficient consultations and the affected entities were not involved. As a result, it has even affected the functionality of the Central Bank of Kenya (CBK). Mr. Deputy Speaker, Sir, the House is already aware that a number of amendments were made to the Finance Bill. They were making a sweeping change towards the operation of the bank itself – an area that really requires proper consultations with all the stakeholders; the CBK, the Treasury, the public and the banking sector. So, as a result, there has been a lacuna in the operations of the CBK itself. That is because the Governor now is no longer the Chairman of the Board. The Board has not been able to meet to deliberate on the operations of the banking sector. That has really impacted negatively on the operational independence and efficiency of the CBK. Mr. Deputy Speaker, Sir, we are also aware that, currently, the Governor is the Chairman of the Monetary Policy Committee – the Committee that gives policy direction on the interest rates and other monetary issues. Now, the proposal to have a non- executive chairman is going to cause some kind of friction between those two officers. So, as a result, it will now be the Chair of the Monetary Policy Committee and also the Chair of the Board of CBK. I am not against the Chair even being non-executive. But I am only against the process that we have used because we cannot do this in piecemeal. Let us do a proper review of the Central Bank of Kenya Act so that it can be able to address all the areas in totality. Mr. Deputy Speaker, Sir, we are also aware that when it comes to the operations of the banking sector, there are certain areas that require to be acted upon expeditiously."
}