Central Bank (CBK) Governor Patrick Njoroge has finally acceded to MPs’ demand for him to publish banking regulations on customer deposits and withdrawals after months of a push and pull and threats to have him removed from office.
The governor is against the regulations because he believes MPs will tamper with them to allow huge capital withdrawals that he fears will fan money laundering and the financing of terrorism.
He, however, sent a written apology saying he was consulting the Committee on Delegated Legislation on the formulation of the regulations.
“We are in the process of implementing section 65 of Finance Act, 2018 and are currently consulting the committee. In line with these consultations, we are unable to appear before you and are seeking two weeks,” Dr Njoroge told the Implementation committee, chaired by Narok North MP Moitalel ole Kenta.
Currently, huge deposits and withdrawals require the signing of forms on either the source or the intended use of the money.
Dr Njoroge was to appear on Tuesday before the House Committee on Implementation to explain why he had not done so.
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