50 Years of Central Banking in Kenya

ISBN : 9780198851820

Patrick Njoroge; Victor Murinde
512 Pages
153 x 234 mm
Pub date
Apr 2021
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Documenting important milestones in the epic journey traversed by the Central Bank of Kenya (CBK) over the last 50 years, 50 Years of Central Banking in Kenya puts into perspective the evolution of central banking globally and within the East African region, and contemplates future prospects and challenges. The volume is timely, mainly because within the last 50 years the global financial landscape has shifted. Central bankers have expanded their mandates, beyond the singular focus on inflation, and consider economic growth as their other important objective. Bank regulation has moved from Basel I, to Basel II, and some countries have fully migrated to Basel III while some are still at the cross-roads. 50 Years of Central Banking in Kenya captures the wide-ranging discussions on central banking, from a symposium to celebrate the 50 year anniversary on 13 September 2016 in Nairobi. The participants at the symposium included current and former central bank governors from Kenya and the East Africa region, high level officials from multilateral financial institutions, policy makers, executives of commercial banks in Kenya, private sector practitioners, civil society agents, executives and researchers from think tanks based in Kenya and the Africa region, leading academics in banking and finance, and university students. Beyond the symposium, the volume highlights the evolution of specific functions of CBK over the last 50 years (such as monetary policy, bank regulation, and payments system), as well as developments in Kenya's financial system which strongly relate to the functionality of CBK, such as financial innovation, the evolution of financial markets, and non-bank financial institutions in Kenya.


1 Patrick Njoroge and Victor Murinde: Introduction
Part 1: Central Banking - Global and Regional Perspectives
2 Mitsuhiro Furusawa: The Future of Central Banking
3 Patrick Njoroge and Victor Murinde: Reflections on Central Banking
4 Patrick Njoroge, Desire Kanga, and Victor Murinde: Central Bank Independence: What are the Key Issues?
5 Federica Branca, Ixart Miquel Flores, and Francesco Paolo Mongelli: Evolution of Central Banking: Some Observations
6 Babak Abbaszadeh: Financial Stability and Bank Supervision in the 21st Century
7 Bob Collymore: Financial Innovation and Financial Inclusion - Insights from a Practitioner
8 David Ferrand and Ignacio Mas: Do Central Banks Have a Role in Financial Inclusion?
9 John Rwangombwa: Central Banking and Financial Inclusion: Some Key Issues
10 Tavneet Suri: Mobile Money
11 Louis A. Kasekende: East Africa Monetary Union -What Lies Ahead?
Part 2: The Central Bank of Kenya
12 Mahesh Gheewala: The Early Days of the Central Bank of Kenya
13 Maureen Were, Charles Koori, and Julius Bett: Central Banking in Kenya - Evolution, Challenges, and Future Prospects
14 Esman Nyamongo, Isaya Maana, and Anne Kamau: Dynamics of Monetary Policy in Kenya
15 Cappitas Chironga, Matu Mugo, and Daniel Tallam: Evolution of the Financial Sector in Kenya
16 Matu Mugo, Everlyne Kilonzo, and Anne Mariga: Powering Financial Inclusion through Innovative Payment Systems
17 Leonard Thotho, Caroline Wanjiku, and Daniel Amanja: Development of the Government Securities Market in Kenya
18 Lydia Ndirangu, Kethi Ngoka, and Esther Kariuki: The Structure of the Interbank Market in Kenya: Prospects and Challenges

About the author: 

Patrick Njoroge is Governor of the Central Bank of Kenya. He holds a PhD in Economics from Yale. He has held numerous positions including: Planning Officer in the Ministry of Planning in Kenya; Economist at the Ministry of Finance. At the IMF in Washington, DC, he was in turn: Senior Economist, IMF Mission Chief for Dominica, Deputy Division Chief, Finance Department, and Advisor to the Deputy Managing Director of the IMF. He has won several awards as a Central Bank Governor. He was named the 2018 Central Banker of the Year in Africa by the Banker Magazine in recognition of his prudence and long-term vision for Kenya's economy and the banking sector. In October 2018, he received the Global Markets Central Banker Governor of the Year award for Africa, and in May 2016, he was recognized as the Central Bank Governor of the year at the African Banker Award ceremony held in Lusaka, Zambia. In 2018 he was appointed on the UN Task Force on Digital Financing of the Sustainable Development Goals.; Victor Murinde is AXA Professor of Global Finance and Director of the Research Centre for Global Finance at SOAS, London. He is a Fellow of the Academy of Social Sciences. He has contributed over 100 research papers to the financial economics literature. In 2014, the UK REF recognized his research on 'Shaping Bank Regulatory Reforms in Africa' for exceptional impact. He is the Principal Investigator of a DFID-ESRC Research Grant on 'Inclusive Finance'. He is co-investigator on ESRC - NSFC Grant on Research on China's Financial System towards Sustainable Growth, jointly with colleagues from several universities. His other current roles include: Chair, Econometric Society Africa Region Standing Committee; Chair of Group C (Finance & Resource Mobilization) for the African Economic Research Consortium (AERC); and Visiting Professor of Financial Economics, University of Nairobi. He was the founding Director of the African Development Institute, at the African Development Bank (2011-2014).

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