CBK rejects Ruto’s banking pledges, citing political expediency

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At his inaugural ceremony, President Ruto made several pledge to Kenyans regarding the functioning of the nation’s monetary services, including a promise to review the law to raise the amount of heavy cash transactions handled by banks without a necessity for reporting from the current Sh1 million and a promise to relax the Credit Reference Bureau Framework (CRB) to enable more Kenyans to unlock loans.

The interest rate on loans will be lowered as a result of our efforts. To begin, we propose changing the CRB framework from its current practice of blacklisting lenders arbitrarily, punitively, and all or nothing. To help lenders improve their trustworthiness, we’ll be collaborating with credit reporting agencies (CRAs) to implement a new credit score scoring system. After being sworn in, Dr. Ruto vowed that this policy “would eradicate blacklisting.”

Responding to Presidents promises to Kenyans Dr.Njoroge maintained, “Irrespective of who is in power, the Central Bank will stick to the same policies it has always had. Successful central bankers make decisions based on facts and not politics. That trusted Central Bank of yours will keep doing what it’s always done.”

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