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Ngugi vows to bring lending rates down, reopen Hawalas

17 June 2015, 08:17 Samuel Kisika

Nairobi – President Uhuru Kenyatta’s nominee for Governor of Central Bank of Kenya (CBK) has promised to transform the nation’s economy by working closely with commercial bank bosses in supporting small and medium-sized (SMS) businesses.

Patrick Ngugi Njoroge, who appeared before the National Assembly Finance, Planning and Trade committee for vetting said he will ensure banks operate fairly through levying of friendly interest rates to encourage borrowing by customers.

“Once I’m approved as the CBK Governor, I will ensure continuous supervision of banks on consolidated basis not to allow interest rates run in a way to damage our economy. The will have to operate in finding home-based solutions to increase SMEs enterprises,” said Njoroge.

He added that financial operations in the country will have to be in line with international standards to curb customer exploitation, stabilize Kenya’s ever-depreciating currency and engaging various financial stakeholders in addressing problems affecting the economy.

Read Also: MPs question Uhuru nominee for being unmarried

“My big concern will be to ensure we lower inflation. If inflation is not contained, then our economy will be pulled down,” said Njoroge.

Njoroge pointed out that the shut Islamic money transfer services, such as the Hawalas, by the government due to insecurity will have to be reopened and strengthened by ensuring there is enough safety to stop funding of terrorist activities.

“I have been abroad for many years and I understand the importance of these international money transfer services. I will work closely with Central Bank governors in neighboring countries to ensure these systems transfer resources safely and without misuse,” said Njoroge.

The committee chaired by Ainamoi MP, Benjamin Langat will come up with a report to be tabled in the House for approval and adoption before he takes over the office.      

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