The candidacy of Andrew Musangi to lead the Central Bank of Kenya (CBK) has been approved by the National Assembly.

On August 17, the House was informed that Musangi had been nominated by President William Ruto.
He underwent a background check by the Senate Standing Committee on Finance and Budget and the National Assembly Departmental Committee on Finance and National Planning.

Musangi assured Parliament during his vetting on Tuesday that, if chosen by the President of Kenya, he would uphold integrity and would not accept any kind of conflict of interest.

The corporate lawyer, who estimated his net worth at Ksh. 1.2 billion, told the committee that he would work to increase transparency and accountability at the nation’s bank regulator.

He went on to say that he opposes interest rate caps and instead advocates for the promotion of a free market economy.

The High Court attorney also promised to seek to establish a regional common currency.