Kamau Thugge Named Central Bank Governor Of The Year For Stabilising Shilling

The Governor of the Central Bank of Kenya, Kamau Thugge, has been named the African Banker Central Bank Governor of the Year, by the respected African Banker Magazine.

According to a press statement on Wednesday, May 29, CBK noted that the award was presented to Dr. Thugge on Tuesday at the African Bankers event in Nairobi held on the margins of the African Development Bank Group (AFDB) Annual Meetings.

In its citation of the award to Dr. Thugge, the African Banker wrote: "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."

The magazine added that despite the challenges during his tenure in office, the CBK governor successfully stabilised markets and instilled confidence in the Kenyan economy.

"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 magazine added.

The Awards Committee further noted: "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."

While accepting the award, the Governor expressed his gratitude to the Board, Monetary Policy Committee, Management, and staff of the Central Bank of Kenya.

"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. 

"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," he stated.

The Awards, now in their 18th year, honour institutions and individuals who have contributed significantly to the reform, modernisation and expansion of Africa's banking and financial sector, while driving the continent's sustained economic growth.

In recent months, the Kenya Shilling has hovered between Ksh130 and Ksh132.5 against the dollar, a drop from a high of Ksh160.

The resurgence has been attributed to a combination of strategic interventions by the Central Bank of Kenya (CBK) and a robust influx of foreign investments, particularly in Kenyan domestic debt securities.