Parliament approves Musangi as next CBK board chairman

The National Assembly has approved Andrew Musangi as the Chairperson of the Central Bank of Kenya.

He was vetted by the Departmental Committee on Finance and National Planning of the National Assembly jointly sitting with Senate Standing Committee on Finance and Budget.

President William Ruto’s nomination of Musangi was announced to the House on August 17.

During his vetting on Tuesday, Musangi told Parliament he would not tolerate any form of conflict of interest and that he would maintain fidelity to integrity if appointed by the President of Kenya. 

The corporate lawyer, who placed his net worth at Ksh.1.2 billion, told the committee that he would strive to make the country’s bank regulator open to scrutiny to enhance integrity and accountability at the institution. 

He further stated that he does not support the capping of interest rates, rather calling for the support of a free market economy. 

The High Court advocate further pledged to work towards the creation of a common currency for the region.

His name is set to be forwarded to the president within fourteen days for appointment.

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