President Uhuru Kenyatta has reappointed Central Bank Governor Patrick Njoroge for a second term in office.
Also reappointed, in a special gazette notice, is his deputy Sheila M’mbijiwe and Chairman Mohammed Nyaoga.
Njoroge’s four-year term was set to end on June 19, 2019. He will now serve till 2023.
The Governor, 58, was appointed by President Kenyatta in June 2015 to replace Prof Njuguna Ndungu.
According to sources, his success in steadying the Kenyan currency and efforts to ensure banks avail loans to Micro, Small and Medium Enterprises (MSMEs), might have greatly contributed to his reappointment.
Recently, while assessing his four-year-stint, the former International Monetary Fund (IMF) adviser summarised his tenure at the helm of CBK as the very heads and tails defining the course of his stay but insisted on the need to focus on the deliverable amidst the transition audit.
“There have been many successes, failures and sleepless nights. This is however not the time to have a reappraisal of what has happened but a period to deliver on what needs to be done,” he said.
Giving his two cents on Kenya’s excessive borrowing, the Governor said the country’s borrowing headroom is shrinking and it is time to strategize her appetite for loans as it could affect the country’s growth.
The President’s decision to extend Njoroge’s term comes barely a week after CBK introduced the new currency as per the requirements of the 2010 Constitution.
CBK Governor Patrick Njoroge further gave a directive that current Ksh1,000 notes will become obsolete on October 1.
The directive is expected to disrupt illicit financial flows.