Central Bank of Kenya

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. Patrick Ngugi Njoroge is current Governor of CBK and Sheila M’Mbijjewe is the Deputy Governor.

Central Bank of Kenya
Banki Kuu ya Kenya



Coordinates1.28988°S 36.824922°E / -1.28988; 36.824922
Established24 March 1966 (1966-03-24) (legal)
14 September 1966 (public operation)
Ownership100% state ownership[1]
GovernorPatrick Ngugi Njoroge
Central bank ofKenya
CurrencyKenyan shilling
KES (ISO 4217)
ReservesUS$7.510 million[1]
Preceded byEast African Currency Board
Websitewww.centralbank.go.ke

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 Patrick Ngugi Njoroge. Former governors of the bank are:[2]

Deputy governor

The current deputy governor is Sheila M'Mbijjewe. Former deputy governors include:

  • Dr. Haron Sirima (2011–2015)
  • Dr. Hezron Nyangito (2008–2011)
  • Jacinta Wanjala Mwatela (2004–2008), acting Governor 2006–2007[3]
  • Edward C. Sambili (2001–2004)[4]
  • Thomas Nzioki Kibua (1993–2001)[5]
  • Wanjohi Muriithi (1991–1993)[6]
  • Eliphaz Riungu (1988–1991)
  • Eric Cheruiyot Kotut (1984–1988)[7]
  • Ahmed Abdallah (1967–1984) [8][9]

Members of the board

The current board of directors is as follows:[10]

  • Mohammed Nyaoga – Chairman of the Board
  • Principal Secretary to the National Treasury
  • Dr. Patrick Njoroge – Governor
  • Nelius Kariuki – member
  • Rachel Dzombo – member
  • Ravi Ruparel – member
  • Samson Cherutich – member
  • Charity Kisotu – member

Departments
  • Governor's Office
  • Banking Services
  • National Payments System and Risk Management
  • Research
  • Bank Supervision
  • Financial Markets
  • Currency Operations and Branch Administration
  • Strategic Management
  • Finance and IMS
  • Procurement and Logistics Services
  • Internal Audit
  • 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.[11]

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.[12]

See also

References
  1. Weidner, Jan (2017). "The Organisation and Structure of Central Banks" (PDF). Katalog der Deutschen Nationalbibliothek.
  2. "Former Governors". Archived from the original on 2013-01-17. Retrieved 2013-01-01.
  3. Kenya Gazette. 27 May 2005. p. 1162. Retrieved 1 January 2013.
  4. Kenya Gazette. 17 August 2001. p. 1832. Retrieved 1 January 2013.
  5. Kenya Gazette. 4 July 1997. p. 1184. Retrieved 1 January 2013.
  6. Kenya Gazette. 10 January 1992. p. 22. Retrieved 1 January 2013.
  7. Kenya Gazette. 26 October 1986. p. 1398. Retrieved 1 January 2013.
  8. Kenya Gazette. 7 January 1983. p. 2. Retrieved 1 January 2013.
  9. Kenya Gazette. 16 October 1984. p. 1482. Retrieved 1 January 2013.
  10. "Board of Directors". Archived from the original on 2013-01-16. Retrieved 2013-01-01.
  11. "Kenyan central bank says loans relief period ended on March 2". Reuters. 2021-03-23. Retrieved 2021-10-27.
  12. "Kenya cracks down on digital lenders over data privacy issues". TechCrunch. 25 October 2021. Retrieved 2021-10-27.

[1]

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