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Home Tech The Central Bank Of Kenya Should Have A New Boss Come End Of May

The Central Bank Of Kenya Should Have A New Boss Come End Of May

by Caroline Vutagwa
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Now that the former Njuguna  Ndungu stepped down as governor of Central Bank of Kenya after eight years of service, it has been concluded that a new governor for the bank will be elected and in office by the end of May 2015.

Seven out of 10 economists polled by Reuters this month expect the top job to go to Haron Sirima, the deputy governor who is currently acting governor.

According to Reuters, Margaret Kobia, chair of the Public Service Commission and of the selection committee for the appointment, said the committee would submit a shortlist of three candidates to President Uhuru Kenyatta by mid-April. His choice would need approval by parliament.

Ndung’u stepped down on March 3 after serving the maximum of two four-year terms.The application process is still ongoing as the deadline for is March 24.

This is the first time the central banker will be chosen through open competition. Previous chiefs were named by the president without a formal application process. Kobia said the aim was to make sure the new governor was well-known and respected.

“When the three names are submitted, nobody in Kenya should be asking ‘who is that person?’ That person should be one whose track record is already known, that is how I see it,” she said.

Sirima is seen as a safe choice who would maintain the bank’s policy on price and exchange rate stability, analysts said.

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