CBK Governor Kamau Thugge Awarded With ‘A’ Grade By Global Finance Magazine

CBK Governor Kamau Thugge Awarded ‘A’ Grade

The Governor of the Central Bank of Kenya (CBK), Kamau Thugge, has been awarded an ‘A’ grade by the prestigious Global Finance magazine.

In a statement on September 23, CBK stated that the ‘A’ grade is in recognition of the Governor’s leadership of the Central Bank of Kenya team in monetary policy and economic management.

The award will be presented at a ceremony in Washington, DC in October, on the sidelines of the IMF/ World Bank Annual Meetings.

Commenting on the recognition, Governor Thugge highlighted the efforts and achievements of the Central Bank team over the past two years, noting the measures taken to stabilize the economy and strengthen monetary policy.

“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.

“Interest rates have come down on treasury bills, along with the Central Bank Rate. The revised Risk-Based Credit Pricing Model for the banking sector has been issued, and this will lead to enhanced transparency in lending and strengthen monetary policy transmission.”

CBK Governor Kamau Thugge Recognition

At the same time, Joseph Giarraputo, founder and editorial director of Global Finance, highlighted the challenges and achievements faced by monetary leaders in recent years.

“Most central bankers have spent the past few years battling inflation with their most effective tool: higher interest rates, though their mandates may differ from country to country. As inflation recedes, we’re beginning to see the results of those tough policy decisions,” he said.

“Our annual Central Banker Report Cards recognize those leaders who have not only delivered results but done so with independence, discipline, and strategic foresight.”

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Global Awards Grading System

Global Finance regularly selects the top performers among banks and financial services providers in areas like Transaction Banking, Digital Banking, FX, Best Banks, and more.

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.

In that case, grade “A” represents an excellent performance, down through “F” for outright failure.

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Governor Thugge joins a distinguished cohort that includes Jerome Powell, the Chairman of the Federal Reserve in the United States, and other central bank governors, including those from Denmark, Vietnam, Indonesia, Chile, and Morocco.

Kamau Thugge is the tenth Governor of the Central Bank of Kenya (CBK) and has been in office since June 19, 2023.

He joined CBK after a long and distinguished career in the international and Kenyan public service.

Thugge has worked in the International Monetary Fund (IMF) in both policymaking and non-policymaking departments.

Thugge was named the Central Bank Governor of the Year by African Banker magazine in May 2024.

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