By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Newsunplug KenyaNewsunplug KenyaNewsunplug Kenya
  • News
    • Metro
    • Politics
    • Business
  • Entertainment
  • Lifestyle
  • Sports
  • Tech
  • Spotify
Reading: Policy changes expected at CBK as top bosses exit
Share
Notification Show More
Font ResizerAa
Newsunplug KenyaNewsunplug Kenya
Font ResizerAa
  • News
  • Entertainment
  • Lifestyle
  • Sports
  • Tech
  • Spotify
  • News
    • Metro
    • Politics
    • Business
  • Entertainment
  • Lifestyle
  • Sports
  • Tech
  • Spotify
Have an existing account? Sign In
Follow US
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
Newsunplug Kenya > Blog > Business > Policy changes expected at CBK as top bosses exit
BusinessNews

Policy changes expected at CBK as top bosses exit

hallanaija
Last updated: March 8, 2023 9:58 am
hallanaija
2 years ago
Share
CBK
SHARE

After nomination and expected appointment of Susan Koech to Central Bank of Kenya (CBK) executive team, attention now turns to filling positions of board members whose terms will lapse on June 18.

Three  CBK board members, including chairman Mohammed Nyaoga, Governor Patrick Njoroge and his deputy Sheila M’Mbijjewe will end their last term after serving the maximum of eight years, positions that will require to be filled in order to complete the board’s composition.

Njoroge, who was appointed Governor by retired President Uhuru Kenyatta in June 2015, has had his tenure extended once, as per the law in June 2020, with analysts viewing his monetary policies as astutely conservative and passive in effect.

CBK

Ronnie Chokaa, a financial analyst with investment bankers Genghis Capital said Njoroge’s priorities were geared more towards maintaining price stability than expanding national output, a factor that stunted growth in some of the country’s productive sectors. “If you look at the M2 (money supply) to GDP ratio over his tenure, money supply has lagged significantly behind GDP growth. As a result, some investment spending in several economic sectors were highly constrained,” he said.

READ MORE  At Least Six Killed In Al Shabaab Attack In Dhobley, Somalia

Njoroge will be remembered for presiding over the highly-politicised  demonetisation of the old Sh1,000 banknotes, a move Chokaa said has had far-reaching effects to date since not all conversions were effected before the set deadline, again dealing a further blow to the velocity of money in the economy.

The change of currency was also expected to enable the government crackdown on embezzlement, tackle a wave of counterfeit Sh1,000 notes in circulation and address the concern of illicit financial flows in the country and across Kenya’s borders. The exercise culminated in over Sh7.4 billion transferred to the Government’s Consolidated Fund.

CJ Koome to appoint bench to hear petition challenging increased NSSF contributions
Kenya’s Central Bank announces four major modifications to its new generation of banknotes.
You cannot go to the streets and expect police to come kiss you – Gachagua
Son of ousted Gabon president charged with treason, graft
Top EAC investment destination in Kenya, ranking 11th in Africa – report
Share This Article
Facebook Email Print
Previous Article Interior decorator Geoffrey Mwathi in this undated photo. He was found dead on February 21 in Kasarani. Police Probe Death Of Geoffrey Mwathi While Visiting Kikuyu Singer DJ Fatxo’s Apartment
Next Article golf All is set for Magical Kenya Open golf
Leave a Comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

about us

We influence 20 million users and is the number one business and technology news network on the planet.

Recent Posts

  • Watchman arrested for defilement of 4-year-old girl waiting for mum at school
  • Man beaten by locals, car torched over livestock theft in Uasin Gishu
  • Saba Saba: Nanyuki family seeks justice after daughter dies in police custody
  • Kisumu: Investigations after man hacked to death in suspected love triangle
  • Governor Wanga: CoB Nyakang’o is competent but overstepping her mandate

Recent Comments

No comments to show.
Newsunplug KenyaNewsunplug Kenya
© Newsunplug Kenya. All Rights Reserved.
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?