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

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

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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