The Patrick Njoroge-led Central Bank of Kenya (CBK) burned $2.8 billion (Sh429 billion, at current exchange rate) worth of foreign exchange reserves to artificially prop up the shilling between 2020 and early 2023, undermining the country’s ability to cushion itself against the current bout of global shocks.
In another hard-hitting interview that has seen the new CBK boss take aim at his predecessor’s reign, Kamau Thugge poured cold water on Dr Njoroge’s management of the country’s foreign exchange policy in his eight-year stint that ended on June 17.
