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"content": "To wait until a board is constituted to act may really cause a lot of havoc. For example, if there is any delay in the interventions in the banking sector when there is a crisis, it can cause a lot of delay, indeed. Even acting conventionally, we know that even worldwide, there are over 70 central banks where the Governor is the Chair. For example, to shape our own operations, in the Central Reserve Bank of New York, the President is actually the Chair of the Board. In Africa, we have the South African Reserve Bank where the Chair of the Board is also the Governor. So, let us not review this Act in piecemeal, so that we can be able to address the issues in totality. I know that there are some other central banks in the world that have what we call non-executive chairmen like New Zealand. But New Zealand has got its own unique operations; something akin to what we have in Kenya today in terms of parastatals. Mr. Deputy Speaker, Sir, so, what I would really wish to urge this House is that when it comes to the Committee of the Whole House, we should look at the current Constitution, Article 231(2) (3). That Article talks about the functions of CBK and how it should operate. If you may allow me to read a little bit of it, it says:- “(2) The Central Bank of Kenya shall be responsible for formulating monetary policy, promoting price stability, issuing currency and performing other functions conferred on it by an Act of Parliament. Mr. Deputy Speaker, Sir, Article 231(3) continues to say:- “The Central Bank shall not be under the direction or control of any person or authority in the exercise of its powers or in the performance of its functions.” Mr. Deputy Speaker, Sir, Article 231(5) says:- “An Act of Parliament shall provide for the composition, powers, functions and operations of the Central Bank of Kenya.” So, if the Act is supposed to be enacted, then all the machinery must be followed to do that, including having public participation to ensure that we conform to the new Constitution. So, having reviewing the CBK Act in piecemeal, we are not solving the problem. We have not even looked at the area where the CBK Act interfaces with the Banking Act and the Micro-Finance Act. Those are all players within the industry. Mr. Deputy Speaker, Sir, so, I urge the House that, as we look forward to having a non-executive Governor of CBK, this time round, let us restore the position as it was and then start a process where we properly involve everybody and we have a complete review of the CBK Act. With those remarks, I support the amendments on the issues of the appointment of the two deputy Governors but, on the issue of the Governor being non-executive as of now without the review of the entire Act, I will not support that. I will bring amendments to that effect."
}