NAIROBI, Kenya Oct 14 – The Central Bank of Kenya (CBK) has launched a book that contains the bank’s 50 years of experience in the banking sector to provide a framework for all other banks.
The book titled “50 Years of Central Banking in Kenya” regional and global perspectives’ was the culmination of a CBK symposium held in September 2016.
Speaking on Thursday during the launch, CBK Governor, Patrick Njoroge, said the book highlights the bank’s milestones, experiences and challenges it has faced over the years.
“Researchers, policy makers, civil society, global and local stakeholders should be able to gain rare insight into developments that have taken place over the last 50 years and the future of central banking. I have no doubt that it would be an important reference material in academic and policy institutions for many years to come,” he added.
He said the book will help facilitate decision-making in banks across East Africa.
The book took 5 years to document and was a culmination of contributions from local and international authors, including CBK staff and governors from banks in Rwanda and Uganda.
He further added that the book would touch on key areas such as monetary policy and bank supervision.
The book is a culmination of discussions on financial stability, bank supervision, financial innovation and inclusion, monetary policy, mobile money, evolution and the role of central banks in regional integration initiatives.,” Njoroge said.
He expressed optimism that the book would be a great contribution to academia as it would be useful tool for students as well as policy makers to gain insight on the banking sector.
Central Bank is responsible for formulating monetary policy to achieve and maintain price stability.
CBK Deputy Governor, Sheila M’Mbijjewe said the book will help offer an insightful milestone in the history of the Central Bank of Kenya.
“Globally and domestically, a lot has changed. Entrusting the responsibilities of monetary policy formulation to a monetary policy committee has greatly enhanced the transparency in the process,” M’Mbijjewe said.
