Varsity dons earn another three-year term at CBK body
The CBK building in Nairobi. MPC members serve for a maximum of two terms. PHOTO | FILE
What you need to know:
Francis Mwega, who lectures in economics at the University of Nairobi, and Farida Abdul, a lecturer at Kenyatta University will now serve their final terms.
The two have been serving in the Monetary Policy Committee (MPC) for the past three years, having joined in 2011.
The Central Bank of Kenya (CBK) has reappointed two members to its independent monetary policy-making body for further three-year terms.
They are Francis Mwega, who lectures in economics at the University of Nairobi, and Farida Abdul, a lecturer at Kenyatta University.
They will now serve their final terms. The gazette notice was signed by National Treasury secretary Henry Rotich.
The two have been serving in the Monetary Policy Committee (MPC) for the past three years, having joined in 2011. Members serve for a maximum of two terms.
If the proposed CBK Bill is passed, each member will serve for a maximum of two terms of four years.
Other members of the committee include CBK governor Njuguna Ndung’u, his deputy Harun Sirima and Charles Koori who heads the research department.
The MPC is responsible for formulating monetary policy, the key function of the CBK. The body is charged with determining the Central Bank Rate (CBR), the policy rate, every two months.
MPC’s decision on whether to change the CBR is widely watched in the financial sector as it shows the policy direction CBK desires.
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