Benson Akongo Ateng, Jane Wanjiku Kabubo-Mariara, Margaret Kwenga Chemengich, and Humphrey Mugambi Muga will now sit on the central bank Monetary Policy Committee.
Treasury secretary Henry Rotich has picked four academics to sit on the central bank Monetary Policy Committee (MPC).
They are Benson Akongo Ateng, Jane Wanjiku Kabubo-Mariara, Margaret Kwenga Chemengich, and Humphrey Mugambi Muga.
“The Cabinet Secretary for the Treasury and Planning appoints (the four) to be members of the Monetary Policy Committee for a period of three years with effect from the August 24, 2018,” said Mr Rotich in a gazette notice published on Tuesday.
The MPC is charged with formulating monetary policy, especially setting the central bank base rate.
The committee consists of the governor, who is the chairman, the deputy governor, who is the deputy chairman, and two members appointed by the governor from among the CBK staff.
Four other members who have “knowledge, experience and expertise in matters relating to finance, banking, and fiscal and monetary policy,” are appointed by the Treasury secretary in line with the Central Bank of Kenya Act cap 491. Members include the Principal Secretary to the Treasury or his representative, who is a non-voting member.
The chairman of the committee is expected to convene a meeting at least once every two months but can hold other meetings if requested by at least four members in writing.
“At least once every six months the committee shall submit a report to the Cabinet secretary with respect to its activities and the Cabinet secretary for the Treasury shall lay a copy of each report before the National Assembly,” says the CBK on its website.
“The quorum of the committee shall be five members, one of whom must be the chairman or vice chairman.”
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