President Uhuru Kenyatta on Tuesday announced the reappointment of Patrick Njoroge as the CBK governor.
Njoroge's term was in its final days but a steady currency, efforts to boost loans to small businesses and market-led bank consolidation put him in good standing to retain the job.
A special gazette notice revealed that Njoroge will continue to serve as the CBK governor until 2023.
The extension of his tenure comes just days after he announced the launch of the new currency notes as a tool to tackle money laundering in the country.
Njoroge had previously urged journalists pressing him on news regarding his future at CBK which was set to end on June 18, 2019, to direct such questions to the appointing authorities.
The CBK as an institution is tasked with formulating and implementing monetary policies that promote price stability, foster liquidity, solvency and stability of the banking sector, issue currency notes and coins, and provide banking services to the government, commercial banks and other financial institutions.
In what was seen as an open secret by many, Uhuru's reappointment of the CBK governor could be largely attributed to the strength and stability of the Kenya shilling in the volatile world market.
Last month, the regulator stated that banks would now start offering loans to small businesses for as little as 9%.
In terms of Kenya's alarming debt-service ratio, the governor disclosed that the country had reached its debt ceiling and any more debt would be detrimental in the long run.
