President William Ruto has gazetted the appointment of Susan Koech as Deputy Governor of the Central Bank of Kenya (CBK) for a four-year term following approval by parliament.

The notice was gazetted on Friday after being cleared by the House and Senate following vetting by a joint Committee on Finance and Planning.

It is anticipated that Koech's appointment will help the CBK, which has been operating without a second Deputy Governor for seven years, fill a leadership void.

The Office of the Auditor General became aware of this because it violated the law.

According to the Central Bank Act, there will be two Deputy Governors who will be chosen by the President following a fair and open selection process and with the consent of the Parliament.

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Deputy Governors serve four-year terms, however, they are eligible for reappointment for another four-year term.

Sheila M’Mbijjewe has served as the Deputy Governor of the Central Bank of Kenya since 2015.

During her vetting, Koech pledged to reduce interest rates to a single-digit figure if parliament endorses her nomination.

She promised to bring down the cost of credit, streamline the interbank money market and create more buffers for the shilling.