HomeTop StoriesCBK rejects Ruto's banking pledges, citing political expediency

CBK rejects Ruto’s banking pledges, citing political expediency

Published on

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.”

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest News

Possible Ebola Outbreak in Nairobi and Mombasa.

During a press conference on September 27, Health Director General Dr. Patrick Amoth identified...

Karen residents want Sakaja to eliminate rental apartments and bars.

Karen estate residents have complained to Nairobi Governor Johnson Sakaja about the proliferation of...

Schools reopen as parents urge the government to lower fees.

Students returned to school on Monday, September 26, and parents complained about having to...

President Ruto conducts the first Cabinet Secretaries meeting.

On Tuesday, President William Ruto presided over his first cabinet meeting as Kenya's new...

More like this

Karen residents want Sakaja to eliminate rental apartments and bars.

Karen estate residents have complained to Nairobi Governor Johnson Sakaja about the proliferation of...

Top-ranking Kenyan air force officer discovered dead

Colonel. Flavian Mwangi Waweru, the Commandant of the Kenya Air Force (KAF) Training Wing,...

Lawyer Paul Gicheru was found dead.

Lawyer. Paul Gicheru, a major ICC suspect, was discovered dead at his house in...