Susan Koech has been approved as the second Deputy Governor of the Central Bank of Kenya (CBK).
Koech, alongside Sheila M’Mbijjewe, will deputise Dr. Patrick Njoroge who has held the office since 2015.
The Finance and Planning Committee of Parliament Tuesday approved Koach’s appointment, enabling the CBK to comply with the 2015 law that requires the regulator’s executive team to be composed of a governor and two deputies.
With Koech in place as the second Governor, it would avoid a crisis at the CBK helm when Dr. Njoroge and M’Mbijjewe conclude their term come June this year.
During the approval hearing, Koech said she would oversee the acquisition and mergers of banks and put in place a functional and vibrant interbank forex market.
She also advocated for the reintroduction of a law capping interest rates to reduce the cost of loans.
“The current interbank foreign exchange market had collapsed, and my vision is to put in place a functional and vibrant interbank forex market. Right now, it is not working,” said Koech.
Koech beat nine other candidates who had been shortlisted for the position including former National Bank of Kenya boss Munir Ahmed and former Capital Markets Authority CEO Paul Muthaura.
