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    DP Gachagua and CBK disagree regarding foreign exchange

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    Deputy President Rigathi Gachagua’s remarks that state capture had hampered their operations, particularly in managing the nation’s foreign exchange reserves, were condemned by the Central Bank of Kenya (CBK).

    Gachagua accused certain powerful political figures of taking over banks and forcing oil importers to pay extra when purchasing oil because of high foreign currency rates. DP  said that this had an impact on national fuel costs.

    The CBK said that it has no authority over foreign exchange for commercial banks. The financial agency said that it primarily oversees foreign exchange for the national government and its activities.

    CBK highlighted that private banks, not CBK, are where oil importers get the necessary foreign currency.

    In his interview with Citizen TV, Gachagua said that the Kenya Kwanza government was eager to solve state capture, which had a negative impact on the nation’s fuel costs.

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