President Uhuru Kenyatta has finally gazetted the appointment of five directors to the Central Bank of Kenya after a two-year wait.
Ravi Ruparel, Nelius Kariuki, and Ms Charity Selina Kisotu began their four-year terms on November 4, 2016 while Ms Rachel Bessie Dzombo and Samson Cherutich will start their tenure of similar length on Monday, the Head of State said in a special gazette notice.
Lawyer Mohamed Nyaoga was in June last year appointed chair of the CBK board, which didn’t have any directors.
Under the CBK Act, the board is supposed to meet not less than once every two months to discuss the regulator’s performance, check decisions made by management, and consider capital investments.
The board will find a full in-tray including banking sector crisis (fall of Chase, Imperial and Dubai Bank), rolling out new currency, and discipline the regulator’s executives who handled dirty National Youth Service cash.