Kenya officially has a new Central Bank Governor with parliament signing off on the appointment of Patrick Njoroge. The new Governor has quite the task ahead of him however, having to try and stabilize Kenya’s volatile national currency.
Kenya’s central bank raised rates last week for the first time since 2011 in response to a weakening currency and rising inflation.
Falling agricultural production and terror attacks, effecting tourism, have reduced foreign-revenue inflows into Kenya. Njoroge was nominated by President Uhuru Kenyatta.
The new Governor, who has been an adviser to the International Monetary Fund, says the central bank needs to better control inflation, which would help commercial banks lower lending rates and stimulate the economy.