The Central Bank of Kenya (CBK) Deputy Governor nominee Gerald Arita Nyaoma has pledged to improve efficacy and to address the biting liquidity crisis in the country.
Arita made the remarks today while he appeared before the joint National Assembly Departmental Committee on Finance and Planning the Senate Finance and Budget Committee for a joint approval hearing
Arita was nominated by president William Ruto Deputy as the CBK DG.
The joint Finance committee approval hearing session was co-chaired by Molo Member of Parliament (MP) Kimani Kuria and Mandera Senator Ali Roba.
“Despite money not being in the pockets, the lowering of inflation with good weather will lead to reducing the rise of basic food items leading to the using of less money to buy goods.” Arita said. said.
Arita, aged 60 years has served at CBK for 36 years.
He joined the national financial institutions in 1988 as a management graduate trainee and scaling through the rank having retired last month as Director Supervision prior to his appointment.
The committee pointed out that the liquidity in banks stands at 54 per cent urging Kenyans not to withdraw the funds over safety concerns.
On his part, Migori Senator Eddy Oketch questioned how the financial liquidity crisis will be solved with the government having drastically slashed expenditures over fiscal headroom issues.
“The government has cut down spending, how will the money policy committee will be valuable in price stability and money in the pocket of Kenyan?” He posed.
On the other hand, Kakamega Senator Boni Khalwale questioned the nominee how he will harness a cordial working relationship with CBK Governor Kamau Thugge.
Khalwale cited frosty relationship between Former Deputy CBK Governor Jacinta Mwatela who could not work with his boss Governor Patrick Ndungu.
“I respect Governor Thugge who has previously served as National Treasury Principal Secretary and I have worked with him previously well. I know the assignment I will be carrying out and I do not expect to have any conflict with the Governor.” Arita submitted.
Mombasa Senator Mohammed Faki asked about incidents of clients being defrauded by bank accounts demanding measures on how the nominee will address the vice.
The Deputy CBK Governor pointed out that robust cyber security measures need to be in place by sealing loopholes in defrauding clients.
“We have bank clients being defrauded which is a serious issue with banks doing penetration vetting to seal off any loopholes that may lead to customers losing their money.” Arita said.
If approved, Arita would bring 36 years of professional experience.
He said he is worth Sh169million.
His previous roles include Director of Financial Markets Development, Director of Banking Services, and Acting Director of Internal Audit, among others.
Arita holds a Master of Philosophy in Economics from the University of Cambridge, earned under the Commonwealth Scholarship.
