CBK Boss To Be Grilled Over Stringent Banking Regulations

Legislators are set to summon the Central bank governor over stringent banking policies of a limited daily spending of One Million Shillings, they further threatened to block the reappointment of Patrick Njologe at the helm of the country’s central bank.

Currently, all cash deposits or withdrawals above Ksh1 million require the person transacting to disclose why the large transaction is necessary, the source of the money, full identities of the direct and indirect beneficiaries among other details and the legislators question such policies.

The National Assembly’s Finance Committee has issued the last invitation to the governor to appear in Parliament on Tuesday to defend the laws.

“We gave the CBK a second chance to bring the regulations but he has failed … they engaged us in a cat-and-mouse game. We have issued the last invitation,” warned Joseph Limo, the committee’s chair. 

National Assembly Majority Leader Aden Duale has also faulted Njoroge’s regulations, claiming that when he received his mortgage, the bank asked him to explain where the money came from. 

Leave a Reply

Your email address will not be published. Required fields are marked *