Central Bank of Kenya (CBK) Governor Kamau Thugge has been awarded an ‘A’ grade by the Global Finance Magazine.
In a statement on Tuesday, September 23, CBK said the award is in recognition of Thugge’s leadership in monetary policy and economic management.
“Global Finance awards grades based on an “A+” to “F” scale for success in areas such as inflation control, economic growth goals, currency stability, interest rate management, and political independence. (“A” represents an excellent performance, down through “F” for outright failure)," CBK stated.
Commenting on the award, Thugge attributed the achievement to the CBK team’s hard work over the past two years.
“This grade is a recognition of the hard work done by the team at the Central Bank of Kenya. In the past two years, we have had to take tough decisions in order to rein in inflation and manage the exchange rate. We are proud that these efforts have borne fruit. Over the past year, inflation has stayed below the target range, and the exchange rate has been stable against the major currencies,” he said.
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The CBK Governor also mentioned that interest rates have gone down on treasury bills, along with the Central Bank Rate.
Further, he said the revised Risk-Based Credit Pricing Model for the banking sector will lead to enhanced transparency in lending and strengthen monetary policy transmission
Global Finance founder and editorial director Joseph Giarraputo observed that most central bankers have spent the past few years battling inflation using higher interest rates.
“As inflation recedes, we are beginning to see the results of those tough policy decisions,” Giarraputo said.
He added, “Our annual Central Banker Report Cards recognize those leaders who have not only delivered results but done so with independence, discipline, and strategic foresight.”
Thugge will be presented with the award at a ceremony in Washington, DC, in October, on the sidelines of the IMF and World Bank annual meetings.
The CBK Governor joins an elite group of central bankers, including U.S. Federal Reserve Chair Jerome Powell and counterparts from Denmark, Vietnam, Indonesia, Chile, and Morocco, who have received the award.
In May 2024, Thugee was named the Central Bank Governor of the Year by the African Banker magazine.
He was presented with the award during the African Bankers event in Nairobi, held on the margins of the African Development Bank Group (AFDB) annual meeting.
The African Banker Magazine noted that 2024 posed significant challenges for central bank governors; however, Thugge successfully stabilized markets and restored confidence in Kenya’s economy.
In his acceptance speech, Thugge expressed his gratitude to the board, management, and staff of CBK while thanking President William Ruto for his overall leadership.
He also thanked the National Treasury, the President's Council of Economic Advisors, and his banking sector colleagues who had walked with him.
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