NJOROGE'S SIDEAccording to the Finance Act, Dr Njoroge was required to publish the regulations with 30 days of their enforcement. A group of civil society activists asked a court to block the requirement for the CBK boss to submit the regulations to the House within 30 days. “The adverse effects of the amendment on the banking sector, would be immediate termination of relationships by foreign correspondent banks and closure of accounts of Kenyan banks (derisking),” Dr Njoroge said. MPS' ARGUMENTSJoseph Limo (Kipkelion East), chairman of the Committee on Finance and National Planning, on Wednesday faulted the CBK boss saying he had no authority to choose sections of the law to effect. (Suba South) said that allowing Dr Njoroge leeway was akin to creating anarchy as public institutions will start creating their own laws.

Source: Daily Nation March 06, 2019 15:56 UTC