Breaking News
Get 40% Off 0
👀 Reveal Warren Buffet's stock picks that are beating the S&P 500 by +174.3% Get 40% Off

Kenya's parliament approves appointment of new central banker

Published Jun 07, 2023 01:54AM ET Updated Jun 07, 2023 11:57AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: A general view shows the Central Bank of Kenya headquarters building along Haile Selassie Avenue in Nairobi, Kenya November 28, 2018. REUTERS/Njeri Mwangi/File Photo

By Duncan Miriri

(Reuters) -Kenya's national assembly on Wednesday approved President William Ruto's pick of economist and senior civil servant, Kamau Thugge, as the next central bank governor.

Thugge, who served as the principal secretary, No. 2 official, in the finance ministry until mid-2018, was nominated to the post by Ruto last month after serving as one of the president's senior economic advisers since late last year.

He will replace Patrick Njoroge, who is retiring after serving two terms as the central bank governor since 2015.

In a voice vote, lawmakers adopted the report of the National Assembly's finance committee, which urged the house to back his appointment after vetting his suitability for the post.

Ruto will now formally appoint him for a four-year term, which is renewable once.

Thugge, 65, holds a doctorate in economics from Johns Hopkins University in the U.S. and he worked for the International Monetary Fund for two decades, before joining the Kenyan government in 2004.

He takes over at a time the economy is beset by a long-running slide in the shilling currency, persistently high prices of energy and basic food commodities, and a heavy debt load that has strained government finances.

Thugge, who left his Treasury post in 2018 after he was charged with others in a case related to the siphoning of cash meant for the construction of dams, was later turned into a state witness in 2021 and the charges were dropped.

His predecessor, Njoroge, has maintained stable prices for most of his eight years at the helm.

He was, however, criticised by traders and importers for aggressively policing their activities, leading to the death of the interbank foreign exchange market.

Ruto's government, which took over last September, started taking steps to revive the market in March, part of its efforts to stabilise the exchange rate.

Economic growth slowed to 4.8% last year from 7.6% in 2021. But the World Bank expects growth to edge up to 5.0% in 2023, underpinned by a recovery in agriculture.

Kenya's parliament approves appointment of new central banker
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.
  • Any comment you publish, together with your investing.com profile, will be public on investing.com and may be indexed and available through third party search engines, such as Google.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email