Central Bank of Kenya

Central Bank of Kenya
Banki Kuu ya Kenya
CBK's head office in Nairobi
CBK's head office in Nairobi
Coordinates1°17′24″S 36°49′30″E / 1.28988°S 36.824922°E / -1.28988; 36.824922
Established24 March 1966 (1966-03-24) (legal)
14 September 1966 (public operation)
Ownership100% state ownership
GovernorKamau Thugge
Central bank ofKenya
CurrencyKenyan shilling
KES (ISO 4217)
ReservesUS$7.510 million
Preceded byEast African Currency Board
Websitewww.centralbank.go.ke Edit this at Wikidata

The Central Bank of Kenya (CBK) (Swahili: Banki Kuu ya Kenya) is the monetary authority of Kenya. Its head office is located in Nairobi. CBK was founded by in 1966 after the dissolution of East African Currency Board (EACB). Dr. Kamau Thugge, CBS is the current Governor and Dr. Susan Koech is the Deputy Governor.

Organizational structure

Management

The bank’s executive management team comprises the governor, deputy governors and heads of departments. The governor assumes the role of Chief Executive Officer of the bank and is therefore responsible for its overall management. The governor is also the bank’s official spokesperson.

Governor

The current governor of the bank is Dr. Kamau Thugge. Former governors of the bank are:

Deputy governor

The current deputy governor is Dr. Susan Koech. Former deputy governors include:

  • Sheila M'Mbijjewe (2015-2023)
  • Dr. Haron Sirima (2011–2015)
  • Dr. Hezron Nyangito (2008–2011)
  • Jacinta Wanjala Mwatela (2004–2008), acting Governor 2006–2007
  • Edward C. Sambili (2001–2004)
  • Thomas Nzioki Kibua (1993–2001)
  • Wanjohi Muriithi (1991–1993)
  • Eliphaz Riungu (1988–1991)
  • Eric Cheruiyot Kotut (1984–1988)
  • Ahmed Abdallah (1967–1984)

Members of the board

The current board of directors is as follows:

  • Mohammed Nyaoga – Chairman of the Board
  • Principal Secretary to the National Treasury
  • Dr. Kamau Thugge, CBS – Governor
  • Nelius Kariuki – member
  • Rachel Dzombo – member
  • Ravi Ruparel – member
  • Samson Cherutich – member

Departments

  • Governor's Office
  • Bank Supervision
  • Banking and Payment Services
  • Financial Markets
  • Research
  • Currency Operations
  • Branch Administration
  • Strategic Management
  • Information Technology
  • Finance
  • General Services
  • Internal Audit and Risk
  • Human Resources
  • Kenya School of Monetary Studies

History and powers

Amid the COVID-19 pandemic, the CBK instituted a loan restructuring program to help financially distressed borrowers. The restructuring program was in place from March 2020 to March 2021.

In 2021, legislation passed the National Assembly that allows the CBK to cap interest rates and to revoke the licenses of digital lenders that breach the Data Protection Act or the Consumer Protection Act.

In October 2023, while responding to questions from a parliamentary committee on finance and national planning, CBK Governor Dr. Thugge said the decline in international reserves was caused by an overvaluation of the shilling against the dollar. This was against the backdrop of a gradual reduction in import cover from 5.5 months to 3.7 months. Thugge cited data from the IMF & World Bank which put the overvaluation of the shilling in the range of 20-25%. According to the Governor, the attempt to artificially maintain a strong exchange rate came at the cost of losing vital international reserves.

See also

  1. ^ Nyagaka, Vincent. "Central Bank of Kenya (CBK)". Benstride. Retrieved 2021-02-01.

This page was last updated at 2023-12-23 16:41 UTC. Update now. View original page.

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