Kenyan parliament amends central bank’s regulation powers
Central bank must take receivership decisions “in consultation” with senior finance bureaucrat
Kenya's parliament has voted to oblige the central bank to consult with the senior civil servant at the country's finance ministry before it places any commercial banks into receivership. While the precise nature of the change in the law is currently unclear, it could lead to conflict between the central bank and the government over banking regulation.
Clause 46 in the 2016 Finance Bill amends Kenya's Banking Act to stipulate that such decisions must be taken "in consultation with the cabinet
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