Kenya’s president Kenyatta renews central bank governor’s term, what you should know…

PUBLISHED: Thu, 06 Jun 2019 17:32:07 GMT

NAIROBI (Reuters) – Kenyan President Uhuru Kenyatta has renewed Central Bank Governor Patrick Njoroge’s term, local station Citizen Television said on Thursday.

Njoroge was first appointed to his post in June 2015 for a four-year term, which is renewable once.

Njoroge is a U.S.-educated economist and worked as an adviser at the International Monetary Fund before becoming governor in 2015.

During his first term, the government introduced a cap on commercial lending rates in 2016 as well as moratorium on the issuance of new commercial bank licences in 2015.

His first term saw the government introduce of caps on commercial lending rates in 2016, the introduction of a moratorium on issuance of new commercial bank licences in 2015.

At the time, the temporary closure of Chase Bank Kenya, which followed the closure of Imperial Bank, another mid-sized lender, and Dubai Bank Kenya, a smaller lender, had dented confidence in the industry, which has also seen a jump in bad debts.

Reporting by George Obulutsa; Editing by Angus MacSwan

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