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New CBK governor Patrick Njoroge assumes office

Dr Patrick Ngugi Njoroge, the new Central Bank of Kenya governor. PHOTO | SALATON NJAU
Dr Patrick Ngugi Njoroge, the new Central Bank of Kenya governor. PHOTO | SALATON NJAU 

President Uhuru Kenyatta has formally appointed Patrick Njoroge to the post of Central Bank of Kenya governor, a week after he was endorsed by Parliament.

In a statement, CBK said that the President Kenyatta also appointed Mr Jairus Mohammed Nyaoga as the chairman of the CBK Board of Directors and Ms Sheila M’Mbijjewe as the second deputy governor.

“Their four-year term of office is effective from June 19, 2015,” said the CBK.

Dr Njoroge, who has been an advisor to the International Monetary Fund (IMF), will now take over from Njuguna Ndung’u whose term ended in March.

Haron Sirima, the deputy governor has been the acting head since Prof Njuguna’s exit.

Dr Njoroge and Ms M’Mbijjewe will now sit in the next Monetary Policy Committee (MPC) meeting slated for July 7.

The country will be looking at the MPC for policy direction following the shilling's continued weakening against the dollar that has seen it fall to Sh99 in the last few days.

The bank raised its benchmark lending rate to 10 per cent from 8.50 per cent on June 9, when it held a special MPC meeting.

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