The Central Bank of Kenya, (English: Central Bank of Kenya, referred to as CBK) was established in 1966. It is the central bank of Kenya, headquartered in Nairobi, the capital. The current president is Njuguna Ndongu, who took office on March 4, 2007.

History

Kenya was a British colony in East Africa in the late 19th century, called British East Africa. After World War I, the United Kingdom took over part of the German colonies and expanded its sphere of influence to include a territory in present-day Uganda, Tanzania and other countries. Therefore, it began to establish the East African Currency Board (EACB), which is mainly responsible for issuing local currencies at a fixed exchange rate with the British pound. Later, in the mid-1960s, as Britain gradually withdrew from Africa, the colonies began to divide and become independent. After independence, the three countries in East Africa began to hope that they could manage their own monetary and financial policies independently, so the operation mechanism of the East African Currency Board began to collapse. In 1966, the Kenyan Parliament passed the Central Bank of Kenya Act of 1966, and the Central Bank of Kenya was officially established, and began to act as the central bank of Kenya to handle the country's monetary and financial policies independently.

Organizational Structure

The administrative team of the Central Bank of Kenya consists of a governor, two deputy governors, and several department ministers. The governor is the chief executive officer of the central bank, and the governor and deputy governor are selected and nominated by the president through a transparent and competitive mechanism and approved by the parliament. They are appointed for a four-year term and are eligible for one consecutive term. The following departments are responsible for the specific division of labor in administration and execution:

Board of Directors President Vice President Office of the President Research Department Banking and Risk Management Department Banking Supervision Department Internal Audit Department Currency Operations and Branch Operations Department Ministry of Finance Human Resources Strategic Management Department Purchasing and Logistics Department Kenya Deposit Insurance Group Kenya Monetary Research School

Previous Governors

Previous Governors of the Central Bank of Kenya Name Year of Retirement Leon Baranski May 1966 May 1967 Duncan Ndegwa May 1967 December 1982 Philip Ndegwa Philip Ndegwa December 1982 January 1988 Eric Kotut January 1988 July 1993 Micah Cheserem July 1993 Nahashon Nyagah April 2001 March 2003 Andrew Mullei March 2003 Njuguna Ndung'u March 2007 Headquarters, Kenya, Nairobi Coordinates 1.289880 ° S 36.824922 ° E Established 1966 Governor Njuguna Ndung'u (appointed March 2007) Central Bank, Kenya Currency Kenyan Shilling KES (ISO 4217) Reserve 9.259 billion US Dollars (as of December 31, 2014) Bank Interest rate 15.46% [5] (March 2015) Interest on reserves 6.63% [5] (March 2015) Formerly East African Currency Board (EACB) website www.centralbank.go.ke