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CBK writes a fat cheque

NAIROBI, Kenya, Sept 25 – President Mwai Kibaki on Friday received a cheque of Sh7.2 billion from Central Bank of Kenya (CBK) as dividend to the Government following the bank’s performance in the last financial year.

The cheque was presented to the President by Central Bank Governor Prof Njuguna Ndung’u at Harambee House, Nairobi.

The Central Bank of Kenya made a profit of Sh23.229 billion in the last financial year out of which Sh11.237 billion came from operations while Sh11.992 was from revaluation gains.

Speaking when he received the cheque, President Kibaki commended the CBK Board, Management and staff for the good work.

“I am pleased with your good performance. Lets ensure that we work harder and perform better this financial year,” President Kibaki said.

The President said dividend payments by the bank and other state corporations would be used to fund social welfare projects especially the economic stimulus package including the Kazi Kwa Vijana programs that were critical for job and wealth creation.
On his part, Deputy Prime Minister and Minister for Finance Uhuru Kenyatta thanked CBK, saying the funds will go a long way towards the implementation of priority projects especially during this period when the country is facing various challenges occasioned by drought and famine.

Prof Ndung’u said CBK’s good performance was as a result of efficiency gains in monetary policy operations and effective expenditure management.

The CBK Governor said disposal of security and foreign currency translation gains of Sh13.462 billion also contributed to the bank’s improved performance.

Also present were CBK board members Agnes Wanjiku, James Waiguru and William Ogara and Director of Finance Aggrey Bett among others.

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