Central Bank Governor Patrick Njoroge defends financial regulations requiring full disclosure
Central Bank Governor Patrick Njoroge has once again defended financial regulations requiring full disclosure of cash transactions exceeding 1 million shillings saying they will only affect a small fraction of account holders. The governor says 99.3 % of Bank Accounts in the country have deposits of less than 1 million shillings and only 0.7 % of accounts have deposits of more than 1 million shillings. The CBK Governor who appeared before the Parliamentary Committee on Finance says the Kenya banking sector risks being blacklisted internationally if it does away with the regulations.
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