CBK chief should use last term to make financial sector impact lives

Central Bank Governor Patrick Njoroge’s first four years in office have earned him respect and reverence. His performance has eclipsed earlier doubts that being a man without a fat bank account and family, he did not have enough stake in the economy. When he settled down to business, the Yale University educated economist put the fear of God in the banks such that if you sit down with bankers today, they will most likely tell you how Dr Njoroge has driven the industry hard when it comes to compliance, promising fire and brimstone for non-compliance.

He has been able to put in check political interference and created more independence for CBK; something that was rare in the past when the Executive could not draw the line. In the four years that the 57-year-old has been at CBK, he has managed to keep the shilling below a high of 107 units against the dollar last seen in October 2011 that gave shade to his predecessor - Prof Njuguna Ndungu’s career. His currency stability has essentially allowed the Government to continue borrowing without exposure to currency risk and has earned him applause from President Uhuru Kenyatta.