Parliament to vet CBK Deputy Governor nominees under new law
Previously, nominees for the Deputy Governor position were appointed without parliamentary vetting...
✨ Key Highlights
Kenya's National Assembly will now vet nominees for Central Bank of Kenya (CBK) Deputy Governor after President William Ruto assented to the new Central Bank of Kenya (Amendment) Act, 2026.
- The new law aligns the appointment process for Deputy Governors with that of the CBK Governor, enhancing transparency and accountability.
- Key individuals involved are President William Ruto and the nominees for Deputy Governor positions at the CBK.
- Deputy Governors will now serve a four-year term, renewable once, and will be tasked with performing duties assigned by the Governor.
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Sovereign Wealth Fund allocates 30pc of resource revenue for future generations - July 2026
President William Ruto has signed into law the Sovereign Wealth Fund Act, 2026, which mandates that 30 percent of Kenya's mineral and petroleum revenues be allocated to a fund for future generations. The Bank of Tanzania has also made significant moves to strengthen reserves by purchasing approximately 28 tonnes of gold over the past 18 months, boosting its foreign exchange reserves. Additionally, Kenya's National Assembly will now vet nominees for Central Bank of Kenya Deputy Governor after President William Ruto assented to the new Central Bank of Kenya (Amendment) Act, 2026, marking significant changes in financial governance.
