Central Bank of Kenya Governor Receives Prestigious Bankers Award For Helping Stabilize Country’s Economy

Central Bank of Kenya (CBK) Governor Dr Patrick Njoroge has been feted as the Central Banker of the Year by ‘The Banker’, a product of The Financial Times group, a UK-based publication.

The annual award seeks to recognize individuals that have best managed to stimulate growth and stabilize their economy

“In a financial services market as large and as complex as Kenya’s, it helps to have a steady hand leading the apex bank,” The Banker said after Dr Njoroge received the award.

“Since being appointed as Central Bank Governor in July 2015, he has acted swiftly to clean up the country’s banking sector, improve supervision and guidance measures and spearhead efforts to position Kenya as a hub for green finance,” the organization said in a statement.

According to The Banker, Kenya’s monetary policy has remained stable and effective since 2016 and inflation have generally remained close to or within the Bank’s target range.

Kenya’s Central Bank is responsible for formulating monetary policy, promoting price stability and issuing currency, among other functions.

According to a report by the International Monetary Fund (IMF), an organization of 189 countries working to foster global monetary cooperation, Kenya’s near-term Gross Domestic Product (GDP) growth was expected to decelerate to 5.5% in 2017 due to a prolonged drought, weak credit growth, security concerns, and a rise in oil prices.

Kenya is highly reliant on agriculture, which is touted as the backbone of the country’s economy. The sector employs an estimated 75% of the country’s population and accounts for more than a quarter of the nation’s GDP.

“Medium-term GDP growth should be rebound to 5.8% in 2018 and 6.1% in 2019 respectively, depending on the completion of ongoing infrastructure projects, the resolution of slow credit growth, and the strengthening of the global economy and tourism,” the IMF said in one of its latest reports.

The IMF stated that in the long-term, the adoption of prudent macroeconomic policies will help safeguard what it termed as Kenya’s robust economic performance.

This post first appeared HERE

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