Central Bank of Kenya
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
Kenyan coin shortage denied by central bank
Central Bank of Kenya insists there are sufficient coins in circulation; urges public to accept coins ‘without reservation’
Kenyan report reveals battle to reduce inflation
Financial stability report released by the Central Bank of Kenya paints negative picture of growth; details monetary policy’s dramatic reaction to high inflation
Kenya central bank slashes rates as others hold ahead of ECB decision
Positive developments in economy lead Kenyan central bank to make large rate cut as central banks in Australia, Canada, Israel, Thailand and Poland all keep rates on hold ahead of ECB decision
Kenyan governor under fire over banknote printing contracts
Njuguna Ndung’u faces second public attack from politicians this year; latest complaint concerns handling of tender process for printing Kenyan banknotes
Central Bank of Kenya chief promotes monetary union
Njuguna Ndung’u calls on Kenya Institute of Bankers to design training to meet the needs of a ‘dynamic regionally integrated financial sector’ ahead of monetary union in East Africa
Kenyan parliament clears central bank governor
Chaotic debates in Kenyan parliament result in Njuguna Ndung'u being cleared of personal responsibility over collapse of Kenyan shilling
Parliamentary committee calls for Kenyan governor to resign
Parliamentary Select Committee finds governor's "conduct and behaviour incompatible with the holder of the office of governor of the Central Bank of Kenya"; calls for resignation
Ndung’u discusses enhancing the supervisory framework in Kenya
Central Bank of Kenya governor Njuguna Ndung’u says issuance of new AML/CFT guidelines and payments systems oversight will improve integrity of Kenyan financial system
Kenyan parliament passes new payments regulation law
Central Bank of Kenya governor offers overview of 2011 for economy; reports on progress of National Payments System Bill
Former Kenyan deputy governor passes away
Hezron Nyangito passes away; was replaced as deputy governor of the Central Bank of Kenya last week over concerns for his health
Kenya selects finance ministry official as new deputy governor
Deputy director of debt management at the finance ministry chosen as deputy governor for central bank; tasked with improving capacity in monetary policy management
Kenya’s Ndung’u calls for policies to stimulate competition
Central Bank of Kenya governor Njuguna Ndung’u says increased transparency and growth can be achieved through policies promoting competition and financial innovation
Kenya reverses rate decision
Central Bank of Kenya reverses earlier rate increase on overnight discount rate but imposes restrictions on its discount window; analysts say measures amount to tightening in monetary policy
Kenya overnight lending rate leaps in unscheduled move
Overnight lending rate raised to 8%, 175 basis points above the benchmark central bank rate