Central Bank of Kenya Governor Kamau Thugge was on Tuesday crowned the best Central Bank Governor in Africa by the African Banker Magazine.
The Magazine, through its annual African Banker Awards, honoured Thugge for stabilising markets at a time the economic turmoil affected the entire world.
Specifically, the outlet noted that the Governor and his leadership team had instilled confidence in the Kenyan economy thereby stabilising the Kenyan shilling.
"This year has presented significant challenges for central bank governors worldwide, and we across the continent have not been immune to the economic and geopolitical turmoil. Despite the challenges, during your tenure in office, you have successfully stabilised markets and instilled confidence in the Kenyan economy," the Magazine noted.
"The markets have responded by showing their faith and support for the Kenyan shilling, and the banking sector has demonstrated remarkable resilience, positioning itself as a true regional leader."
The outlet further noted that Kenya's Central Bank took an active role in addressing the market failure.
"In granting you this accolade, the Committee recognised your recent achievements as Central Bank Governor and recognised the strategic role the Central Bank is playing to address market failures and to help put the economy on the right footing to stimulate growth," it added.
Thugge accepted the award with appreciation to his staff and thanked President William Ruto for providing overall leadership in the financial sector.
“This recognition is an affirmation of Kenya's sound macroeconomic policies. To this end, I must recognise His Excellency the President, Dr. William Samoei Ruto, who has provided overall leadership," the CBK Governor stated.
"I also greatly appreciate the other government agencies we have walked the journey with including the National Treasury, the President's Council of Economic Advisors, my banking sector colleagues, and our development partners."
Shilling Strengthening
In recent months, the Kenya Shilling has oscillated between Ksh130 and Ksh132.5 against the dollar, a drop from a high of Ksh160.
At the onset of President William Ruto's reign, the Shilling was continually on an upward trajectory hitting Ksh162 against the Dollar as late as January this year.
It was then predicted that the Shilling would continually rise to Ksh214.72 by the end of 2024.
By 20230, the Shilling had been expected to hit a high of Ksh359.52 against the Dollar.
In February this year, however, however, the Shilling started gaining against the Dollar dropping to Ksh130. At the time, the Kenyan print was ranked among the 10 most-performing world currencies.
The performance of the Shilling in the upcoming months was broken down in our Newsletter, the Evening Brief.
