Central Bank governor Njuguna Ndung'u. PHOTO | FILE
Emerging Markets has named Njuguna Ndung’u the Central Bank Governor of the Year, sub-Saharan Africa 2014.
The UK-based financial news agency recognised his efforts in stabilising the shilling, taming inflation and introducing innovation in the market since he was appointed in 2011.
“The political risks to Kenya’s economy remain significant, but the Central Bank (of Kenya) has maintained a steady focus on tackling inflation and keeping the currency stable, even during the 2013 elections,” said Emerging Markets.
Worst performer
The financial news agency added making it hard for banks to speculate on the shilling and the setting up of the CBK’s monetary policy committee as other notable achievements in his tenure that ends next fiscal quarter.
Emerging Markets’ recognition of Mr Ndung’u is in stark contrast to 2011 when a Reuters’ survey named him as the worst performing banker on the continent.
The poor rating at the time was due to the shilling’s drastic weakening which saw it touch a record low of Sh107 against the dollar.
The CBK reacted by increasing the base rate to 18 per cent from six per cent which helped it gain lost ground.
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Note: The results are not exact but very close to the actual.
