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Should the CBK Governor Njuguna Ndung'u resign..???

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Denzel Musumba

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The Parliamentary Select Committee investigating last year’s rapid decline of the shilling has recommended that Central Bank of Kenya (CBK) Governor Njuguna Ndung’u vacates office for failing to stem the currency’s deterioration.The committee led by Adan Keynan also proposed a tribunal to probe Ndungu’s conduct at the time when the local unit touched a historic low of Sh107 to the dollar.“The committee finds the governor’s conduct and behaviour incompatible with the holder of the office of Governor of the Central Bank of Kenya and therefore recommends that he takes responsibility for allowing the sharp decline of the shilling,” the 84-page report says.The committee members said that besides failing to intervene in good time, Ndung’u also created ground for the commercial banks to make huge profits through forex speculation.While it did acknowledge that other factors such as the eurozone crisis and the high import bill could have contributed to the devaluation of the local currency by about 26 percent, the committee was convinced that policy indecisiveness and inaction of the CBK and the parent Finance Ministry were largely to blame...More info click here

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