The National Assembly, on Wednesday, March 8, approved the appointment of the nominee for the position of the Deputy Governor of the Central Bank of Kenya, Dr Susan Koech.
Members of parliament confirmed her appointment after a report on her suitability was tabled by the Departmental Committee on Finance and National Planning.
Molo lawmaker and Chairperson of the Finance Committee, Kuria Kimani, moved a motion for the consideration of Koech as the next Deputy Governor of CBK. His motion was seconded by his Ainamoi counterpart Benjamin Lang'at- paving the way for her approval.
Speaking while tabling the report on Koech's suitability, Kimani expressed his faith in her qualifications for the job citing her "vast experience" and proven competencies in the banking sector and public service in general.
"The nominee we have here brings rich experience having been a banker. This job will give her a unique skill set matching her academic qualifications," Kuria submitted to the house.
Dr Koech previously served as a Principal Secretary in former President Uhuru Kenyatta's administration in various departments including that of Tourism.
She was appointed by President William Ruto in February in a move to fully constitute CBK leadership.
Previously, the CBK was operating with one Deputy Governor- contradicting the provision which states that the central bank should have two DGs to serve alongside the Governor.
If approved, Koech will join Governor Patrick Njoroge in the efforts to stabilize Kenya's currency amid the recent volatility experienced in financial markets. Notably, Dr Njoroge's tenure ends in June.
In her vetting, the nominee vowed to give priority to the state of Kenya's foreign exchange market in a bid to stabilise the shilling.
She noted that ensuring a functional and vibrant interbank forex market would be crucial in the efforts to solve the challenges in Kenya's foreign exchange.
Further, Koech expressed her intention to ensure that lending rates are regulated by reintroducing the interest caps which set a limit to rates used by Kenyan banks.
