Patrick Njoroge formally appointed Central Bank of Kenya governor

Newly appointed Central Bank of Kenya governor Patrick Njoroge

Nairobi, Kenya: Patrick Njoroge has been formally appointed as the new governor of the Central Bank of Kenya by the president after parliament approved the choice, the central bank said on its website.

President Uhuru Kenyatta also appointed Jairus Mohammed Nyaoga as the bank's board chairman and Sheila M'Mbijjewe as the second deputy governor. "Their four-year term of office is effective from June 19, 2015," the bank said.

The appointments mean that the next rate-setting Monetary Policy Committee meeting set for July 7 will be held with the new central bank governor in place.

Haron Sirima, one of the bank's deputy governors, chaired the last meeting held on June 9.

During that meeting, the bank raised its benchmark lending rate to 10.00 percent from 8.50 percent, after the currency slumped and inflation quickened.