President William Ruto
Image: courtesy

President William Ruto has nominated Kamau Thugge for the position of the central bank of Kenya Governor.

Thugge will take over from Patrick Njoroge whose term is coming to an end.

He is a former Treasury Principal Secretary who also worked as a senior economic advisor in the Ministry of Finance and as head of the Fiscal and Monetary Affairs department.

Thugge now becomes the 10th governor of the Central Bank of Kenya.

Previous CBK governors are Leon Baranski who served for one year until 1967, Duncan Ndegwa (1967-82), Philip Ndegwa (1982-88), Kotut (1988-93), Micah Cheserem (1993-01), Nahashon Nyagah (2001-03), Andrew Mullei (2003-07) and Njuguna Ndungu (2007-15).

CBK was established by an Act of Parliament of March 24, 1966, and started operations on September 14, 1966.

This followed the dissolution of the East African currency board (EACB).

The governor assumes the role of CEO and spokesperson of the bank and is responsible for its overall management.

The PSC also seeks to recruit a second deputy governor of the bank to replace Sheila M’Mbijjewe whose term is also coming to an end next month.

Susan Koech was appointed in March as a deputy governor.