Why it is Banki Kuu not Benki Kuu, CBK governor explains

The Central Bank of Kenya Act refers to BANKI Kuu ya Kenya, CBK Governor  Dr Patrick Njoroge has said. In explaining whether the Swahili translation is BANKI au BENKI, Njoroge said “On translation back in 1964-66, the first proposal was to translate the institution’s name to Banki ya Katikati ya Kenya. Mr John Michuki (PS Finance) gently rejected it and referred the question to Mr. Mboya, who proposed that it be translated as Banki Kuu.” “Mr. Mboya, the Minister for Economic Planning, maintained that it was the translation of an…

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Uhuru reappoints CBK governor Patrick Njoroge, chairman Nyaoga and deputy M’Mbijjewe

President Uhuru Kenyatta has reappointed Central Bank Governor Patrick Njoroge for a second four-year term. Also reappointed are chairman Mohammed Nyaoga, and deputy governor Sheila M’Mbijjewe. Through a special Gazette notice dated May 24, Uhuru extended their tenure with effect from June 18. They were appointed in June 2015. MPs in March threatened to have the CBK boss ousted, over the publication of banking regulation. The legislators claimed his failure to publish the regulations, which prescribe customer deposits and withdrawals as provided for in the Banking Act after amendments to…

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New Twists on New Currency Notes

The Barriers Facing Implementation of New Currency Notes in Kenya June 1st serves as a prominent day in the Kenyan calendar. 56 years ago, the country attained means of self-rule from Britain. The country now had a Prime Minister and plans to reconstruct its governance structures began, in earnest. However, this year’s edition of Madaraka Day celebrations went beyond the usual itinerary. The government, through Central Bank of Kenya (CBK), announced a directive to introduce new currency notes. CBK also announced plans to phase Kshs. 1000 notes. While such a…

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