Central Bank of Kenya
Kenya sees a reduction in use of bank services
Mobile payments preferred, with 47.8% of the population using mobile services on a daily basis; banks now mainly used for salary payments
No room for mediocrity, Kenya governor warns banks
Patrick Njoroge tells bankers there is ‘only the thinnest of margins’ for error; each customer should be treated as if they were ‘the only customer in the world’
Central Bank of Kenya to reassess supervision following bank collapses
Central bank begins review of banking supervision following collapse of two domestic banks; new bank licensing on hold until further notice
Kenyan and Ugandan central banks act over troubled bank
Central Bank of Kenya places Imperial Bank under new management after being notified of ‘unsafe and unsound’ conditions; Bank of Uganda moves on local subsidiary
Kenyan central bank hikes by 150bp in Njoroge’s first move
Central Bank of Kenya increases key rate for second consecutive month in first meeting with former IMF adviser Patrick Njoroge as governor
People: Njoroge approved as new Kenyan governor; Tajikistan appoints new deputies
Kenyan parliament approves Patrick Njoroge for central bank governorship; president of Tajikistan appoints new central bank board; Sanusi Lamido Sanusi joins Black Rhino; and more
IMF's Patrick Njoroge nominated as Kenyan governor
President picks IMF adviser Njoroge from a shortlist of five candidates, which included current and former deputy governors; name passed to parliament for vetting
Kenyans invited to apply for central bank governor job
Next Central Bank of Kenya governor to be chosen by president after advert for job published yesterday, inviting Kenyans to apply for role
Cash settlement shifts to central bank platform in Kenya
Cash settlement of equity and corporate bond transactions on Nairobi Securities Exchange now taking place on Central Bank of Kenya’s real-time platform
2014: The year in review
The past year has seen central banks across the globe grapple with reform, at an institutional and global level – we look back at the biggest stories of 2014
IMF encourages Kenya central bank to set-up forecast unit
Staff report with Kenya praises the evolution of the central bank’s forecasting model and recommends creation of dedicated unit; wary of rising food prices and credit growth
Kenyan governor points to financial inclusion success
Njuguna Ndung’u sees ‘bright’ future for Kenya’s financial system; points to growing financial inclusion and successful issuance of eurobond in international market
Kenyan central bank launches new interest rate
Kenyan banks are required to use a new base rate when pricing loans; central bank thinks it will boost the supply of credit to the private sector but observers are sceptical
Central Bank of Kenya backs up talk with currency intervention
Senior trader at I&M Bank explains how forex interventions have kept the exchange rate on an even keel; central bank issues statement to reinforce control of situation
Kenya could quadruple central bank capital
Kenya looks set to replace the piecemeal legislation governing the central bank; new bill would boost its capital levels, reduce government influence and increase the governor’s term
Kenyan High Court blocks charges against Ndung’u
Njuguna Ndung’u granted temporary reprieve from corruption charges after High Court intervenes, but possibility of arrest fuels fears of turbulence in the vulnerable economy
East African central banks take different approaches to rising inflation
Bank of Uganda hikes key rate by 100bp to 12% as food shortages push crop prices up by 16% in August; Central Bank of Kenya dismisses own inflationary pressures and holds rates
Kenyan governor urges bond market reform
Njuguna Ndung’u calls for a wider trading platform in the secondary market to incorporate OTC products; criticises the ‘slow pace’ of reforms so far
Kenyan central bank defends depreciating shilling
The Kenyan shilling has dropped almost 5% in value against the dollar since May; central bank insists this is a necessary rebalancing and does not pose any damaging inflationary pressures – yet
Central Bank of Kenya cracks down on crime
Report highlights ‘significant progress’ in strengthening defences against money laundering; optimistic about development of banking sector ‘despite 2013 being an election year’
Central Bank of Kenya denies seeking to strengthen currency
Kenyan shilling appreciates in run-up to elections; central bank says it only intervenes in exchange rate to support price stability
Kenyan interest rate continues to plummet
Benchmark interest rate nearly halved since September; latest cut intended to increase uptake of expanding private sector credit
Kenyan coin shortage is a public misperception, says central bank
Central Bank of Kenya says “perceived shortage” can be eradicated if members of the public raid their piggy banks
Kenya eases policy with 200bp rate cut
Central bank says financial stability has created conditions for monetary policy to be gradually eased; interest rates cut by 5.5 percentage points in two months