The National Assembly of Kenya approved the appointment of Andrew Musangi as the Chairperson of the Central Bank of Kenya (CBK) board on Thursday. The approval followed a special motion moved by Molo MP Kimani Kuria, based on the findings of the Joint Committee of the National Assembly Departmental Committee on Finance and National Planning and the Senate Standing Committee on Finance and Budget.
The approval took place during a Special Sitting of the House, convened by National Assembly Speaker Moses Wetang’ula. Musangi's nomination had been forwarded to Parliament for vetting and approval by President William Ruto in August, after he was selected from six candidates shortlisted by the Public Service Commission (PSC).
The final step for Musangi to assume his new role is approval from the Senators, who are currently on recess. His approval is expected to be a top priority when they resume sittings next week.
Several MPs expressed their support for Musangi during the session. Majority Leader Kimani Ichung’wah urged Musangi to maintain his integrity in his new role and assured that the current management of CBK would ensure financial safeguards in banks. Buuri MP Mwithirania Mugambi praised Musangi's ability to transform fiscal and monetary policies at the Central Bank and encouraged him to adapt quickly to changes and growth in fiscal development.
Ugenya MP David Ochieng called on Musangi to address the current crisis on dollar shortage that has impeded foreign trade, noting that it was driving away potential investors in the country.
Following final approval from the Senators, Musangi's name will be forwarded to President Ruto for formal appointment and gazettement as the substantive CBK chairperson. He is set to serve a term of four years.
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