The Public Service Commission is seeking to recruit the chairperson of the Central Bank of Kenya.
In a public notice on Wednesday, PSC invited interested Kenyans to make applications by May 23, 2023.
The successful candidate will succeed Mohamed Nyaoga who has completed his maximum two terms at the helm of CBK.
Nyaoga was first appointed to the position by former President Uhuru Kenyatta in June 2015.
He had his term renewed for a final four-year term in June 2019.
The CBK Act says the chairperson shall hold office for a term of four years but shall be eligible for reappointment for one further term of four years.
Under Article 231 of the Constitution and sections 10-15 of the CBK Act, a person qualifies to serve as chairman if they hold a master's degree in economics, finance or law. Such a person has to be “knowledgeable” of matters related to CBK’s functions and must have at least 10 years of experience at top management levels in economics, finance or law.
“The chairperson shall convene and chair the meetings of the CBK board,” the laws state.
Under the revised rules that the Treasury introduced in March, the CBK chairman, who unlike the Governor lacks security of tenure, will generally oversee the working of the country’s top bank.
The chairperson appraises the performance of the CBK Governor, determines the bank’s policy (other than the formulation of monetary policy) and reviews how the institution uses its resources.
Previously, the Governor chaired the CBK board meetings.
The law says that no person shall be appointed as chairperson of the Central Bank of Kenya if he/she is a Member of the Parliament or a Member of a County Assembly.
Also barred are salaried employees of any public entity (except on a secondment basis).
A director, officer, employee, partner in or shareholder of any specified bank or specified financial institution are not eligible as well.
