Home ECONOMY CBK Governor, Deputy Governor and Board Chair to serve another four-year term

CBK Governor, Deputy Governor and Board Chair to serve another four-year term

by biasharadigest

Dr. Patrick Njoroge will continue to serve as the Central Bank Governor for another four years following his reappointment by President Uhuru Kenyatta. The Governor has been in office since June 2015 when he was appointed for a four-year term.

During his service, the governor has been lauded for introducing important regulations in the banking sector such as the Anti-Money-Laundering and Combating Financing of Terrorism laws. He also provided guidance in the unfortunate collapse of Imperial Bank, Chase Bank, and Dubai Bank.

However, earlier in the year, MPs accused Dr. Patrick Njoroge of breaking the law when he did not publish banking regulations on customer deposits and withdrawals. He yielded to the lawmakers’ demands and agreed to publish the rules in March. The governor and his team have also repeatedly refuted IMF claims of manipulating the shilling.

The message from Dr. Njoroge on the four years he served as Central Bank Governor, “There have been many successes, failures and sleepless nights. This is however not the time to have a reappraisal of what has happened but a period to deliver on what needs to be done.”

His current focus is on delivering the new generation notes and improving how Credit Reference Bureaus work.

President Uhuru Kenyatta also renewed the appointments of CBK board Chairman Jairus Mohammed Nyaoga and the CBK Deputy Governor Sheila M’mbijiwe to serve another four-year term with effect from 18th June 2019.

Related; More consolidation expected in Kenya’s banking sector

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