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Central bank governor’s 4 year contract gets renewed

Kenyan President Uhuru Kenyatta has renewed the Central Bank Governor’s term. Patrick Njoroge worked as an adviser at the International Monetary Fund before becoming governor in 2015. His new term in office comes as the country prepares to usher in new notes in a bid to crackdown on graft and money laundering. The governor’s first term also saw the government introduce of caps on commercial lending rates in 2016 and the introduction of a moratorium on issuance of new commercial bank licences in 2015. At the time, the temporary closure of Chase Bank Kenya, which followed the closure of Imperial Bank, another mid-sized lender, and Dubai Bank Kenya, had dented confidence in the industry, which has also seen an increase in bad debts.
Reginald Kadzutu is the Chief Investment Officer at Amana Capital and is live in studio tonight.

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