The Central Bank of Kenya (CBK) ( sw, Banki Kuu ya Kenya) is the monetary authority of

Kenya ) , national_anthem = "Ee Mungu Nguvu Yetu"() , image_map = , map_caption = , image_map2 = , capital = Nairobi , coordinates = , largest_city = Nairobi , ...

. Its head office is located in

Nairobi Nairobi ( ) is the capital and largest city of Kenya. The name is derived from the Maasai phrase ''Enkare Nairobi'', which translates to "place of cool waters", a reference to the Nairobi River which flows through the city. The city proper ha ...

. CBK was founded by in 1966 after the dissolution of

East African Currency Board The East African Currency Board (EACB) was established in 1919 to supply and oversee the currency of British colonies in British East Africa. It was established after Britain took control of mainland Tanzania from Germany at the end of World War ...

(EACB). Dr.

Patrick Ngugi Njoroge Patrick Ngugi Njoroge is a Kenyan economist, banker and the ninth governor of the Central Bank of Kenya. Background and education Njoroge was born in Kakuma, Kenya, . His father was an official in the education department and his mother was a te ...

is current Governor of CBK and Sheila M’Mbijjewe 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

. Former governors of the Bank are: * Prof. Njuguna Ndung'u (March 2007 – March 2015) * Dr. Andrew Mullei (March 2003 – March 2007) * Nahashon Nyagah (April 2001 – March 2003) *

Micah Cheserem Micah Cheserem is a Kenyan banker and a former chairman of the CRA Commission on Revenue Allocation. He previously worked as a Governor of the Central Bank of Kenya and Chairman of Kenya's Capital Markets Authority. Bibliography ''The will to su ...

(July 1993 – April 2001) * Eric Cheruiyot Kotut (January 1988 – July 1993) *

Philip Ndegwa Fredrick Ndegwa was a Kenyan economist, entrepreneur, former Governor of the Central Bank of Kenya, and patriarch of one of the country's wealthiest families. Education Born in Kirinyaga County, Ndegwa was educated at Alliance High School, Makere ...

(December 1982 – January 1988) * Duncan Ndegwa (May 1967 – December 1982) * Dr. Leon Baranski (May 1966 – May 1967)

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 * 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. 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 COVID-19 pandemic, also known as the coronavirus pandemic, is an ongoing global pandemic of coronavirus disease 2019 (COVID-19) caused by severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2). The novel virus was first identif ...

, 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 In politics, a national assembly is either a unicameral legislature, the lower house of a bicameral legislature, or both houses of a bicameral legislature together. In the English language it generally means "an assembly composed of the repre ...

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.

References

* {{authority control Banks of Kenya Economy of Kenya