CBK Governor Dr. KAMAU THUGGE wins a prestigious global award for stabilizing the Kenyan Shilling against the DOLLAR.

Wednesday, May 29, 2024 - Central Bank of Kenya Governor, Dr. Kamau Thugge has won the prestigious African Central Bank Governor of the Year by African Bankers Magazine.

Thugge collected the award on Tuesday during the African Development Bank Annual Meeting held in Nairobi.

Speaking after receiving the award, Thugge stated that the award reflects Kenya’s comprehensive macroeconomic policies, adding that institutions he has worked with including the National Treasury, the President’s Council of Economic Advisors, banking sector colleagues, and development partners contributed to the realization of the award.

“When I was appointed CBK Governor in June 2023, the Kenyan economy was reeling from shocks such as a surge in global energy and food prices, and climate factors that were exerting upward pressure on food prices. Currencies in emerging and developing economies were on a free fall, due to the monetary policy tightening in advanced economies,” Thugge said.

“Capping all this, was our dysfunctional interbank foreign exchange market, with low liquidity and significant foreign payments backlog, which led to low investor confidence, especially for foreign investors."

Thugge was among a group of financial experts who have managed to strengthen the Kenya Shilling against the dollar.

Currently, the Kenya shilling is trading at 132.50 units against the dollar down from 163.50 units in January when Thugge took the CBK governorship.

 The Kenyan DAILY POST

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