IMF lauds Central Bank of Kenya’s role in cross-border oversight

The International Monetary Fund (IMF) has praised the Central Bank of Kenya (CBK) for taking the initiative to implement the standards for consolidated supervision of the pan-African banks which have expanded within the continent.

IMF said the CBK has successfully put in place a legal framework for consolidated supervision and issued a prudential guideline on consolidated supervision, which became effective from January 2013.

“The CBK with assistance from the African Regional Technical Assistance Centre in East Africa has embarked since 2006 on implementing the standards relevant for consolidated supervision as laid out in the Basel Core Principles and Joint Forum,” it said in the technical annual report 2015.