New Central Bank Governor has wealth of experience
03 June 2015, 18:31
Nairobi - Kenya's president has picked an
IMF adviser, Dr Patrick Ngugi Njoroge, as the next central bank
governor, pending approval by parliament, his spokesman said on
Njoroge is an adviser to a deputy managing director at the
Washington-based International Monetary Fund, has been named to
lead the bank at a time when the shilling has come under
heavy pressure because of the global strength of the dollar,
falling foreign exchange revenues and a widening current account
Manoah Esipisu, the president's spokesman, said Njoroge's
name was being put forward by President Uhuru Kenyatta for
"vetting and approval" by parliament.
The president had been given a shortlist of three names
after official interviews by the Public Service Commission, in
charge of recruiting government staff.
His choice is expected to be approved by parliament, in
which Kenyatta's Jubilee coalition has a majority.
Njoroge, who has a PhD in Economics from Yale University,
would replace Njuguna Ndung'u whose term ended in March.
He is also an alumni of the University of Nairobi.
Njoroge declined to comment when contacted by Reuters in
The shilling has been sliding since last year, hurt by
falling foreign exchange inflows due to reduced tourist arrivals
after frequent attacks by Somalia's al Shabaab insurgents, and a
widening current account deficit as importers demand dollars for
At its last meeting in May, the central bank held its key
lending rate at 8.50 percent and said it would
pursue its tightening bias through money market operations to
contain inflationary expectations.
The next meeting of the Monetary Policy Committee is on June
9, a month earlier, a move analysts said could signal a plan to
Before joining IMF, Njoroge worked in Kenya's Finance and
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