Uhuru extends Njoroge's term as CBK boss

President Uhuru Kenyatta has extended the terms of Central Bank of Kenya (CBK) Governor Patrick Njoroge and Deputy Governor Sheila M’Mbijiwe by four years.

In a special gazette notice, President Kenyatta has extended the terms of the two until 2023. Their contracts were due to run out on June 19, 2019.

Njoroge who was appointed in June 2015 has managed to ensure that the shilling has remained steady averaging Sh101.97 to the US dollar during his time in office while inflation has been confined to rates recommended by the government and international institutions.

Earlier this week, reports emerged that the president was likely to retain Dr Njoroge days after the CBK boss announced plans to withdraw the Ksh 1,000 note and phase out the old generation currency.

According to reports, President Kenyatta’s decision to hand Njoroge a second term is on the back of his success in steadying the Kenyan currency and his efforts in lobbying lenders to avail loans to Micro, Small and Medium Enterprises (MSMEs).

{Read: Banks to reconfigure ATM machines to suit new currency}

Speaking to the press last week, Njoroge stayed clear on his possible reappointment and asked journalists to direct their questions to President Kenyatta, the appointing authority.

Last week, the CBK governor caught the country unawares when he announced that the government will be withdrawing out the Ksh1,000 note from October this year, a move aimed at devaluing dirty money and ensuring that hoarded money circulates in the economy.

{See also: Hoarded billions have the potential to inflate Kenya’s economy}

“If you are sitting on money and you are unable to explain how you acquired it, then it becomes paper so come October it will be paper, it will be worthless,” said Njoroge in a follow up press conference on Monday.

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