The Central Bank Kenya was established in 1966 through an Act of Parliament – the Central Bank of Kenya Act of 1966. The establishment of the Bank was a direct result of the desire among the three East African states to have independent monetary and financial policies. This led to the collapse of the East Africa Currency Board (EACB) in mid 1960s.The Bank operates from its Head Office in Nairobi and has branch offices in Mombasa, Kisumu and Eldoret. The Bank also runs Currency Centres in Nyeri, Nakuru and Meru. The CBK Kenya Bank also has a major stake in the Kenya School of Monetary Studies (KSMS) which is headed by an executive director answerable to the Governor.
Central Bank Kenya
The Central Bank of Kenya (Swahili: Benki Kuu ya Kenya) is Kenya’s central bank. The bank is located in Nairobi. The bank’s name is abbreviated to “CBK”. Central Bank of Kenya was founded in 1966 after the dissolution of East African Currency Board (EACB).
The Bank is active in promoting financial inclusion policy and is a leading member of the Alliance for Financial Inclusion. It is also one of the original 17 regulatory institutions to make specific national commitments to financial inclusion under the Maya Declaration during the 2011 Global Policy Forum in Mexico.
Functions of Central Bank of Kenya
- It acts as a banker’s bank.
- It serves as a lender of last resort to commercial banks and also to the government.
- It encourages the adoption of the financial system according to the changing needs of the markets.
- It administers external reserves, exchange controls and handles external financial relations.
- It manages the national reputation. It takes into account accumulated borrowings undertaken by the government to finance its expenditure.
- It has the sole responsibility of issuing currency. It regulates the issue of notes and coins.
- The bank is a government banker. It does not maintain the accounts of businesses and individuals in the private sector. It only maintains the accounts of governmental departments. This usually starts in a bank returns as public deposit.
Role of Central Bank of Kenya
- Monetary Policy The Central Bank collects and analyses economic and financial data and undertakes research in micro- and macro-economic activities to inform the formulation of monetary policy geared towards achieving and maintaining stability in the general level of prices.
- Financial Markets To implement monetary policy decisions, the Central Bank employs financial tools at its disposal to foster liquidity in the financial market and manage growth of credit in the economy. The Bank manages the country’s foreign exchange reserves and intervenes to mitigate unforeseen disruptions in order to ensure stability in the foreign exchange market. Further, the Bank discharges its agency role to the National Treasury as it manages the Government’s domestic borrowing.
- Bank Supervision The Central Bank provides legal and regulatory framework and issues prudential guidelines to govern the operations of financial institutions under its mandate. It also licenses and undertakes surveillance of the financial institutions to ensure compliance with laws and regulations.
- Payment and Settlement Systems Safe and efficient payment and settlement systems is a key component of an effective and efficient financial sector. The Bank formulates and implements such policies as best promote the establishment, regulation and supervision of efficient and effective payment, clearing and settlement systems that promotes social and economic activities.
- Banking Services The Central Bank provides banking services to government ministries, departments and agencies, semi-autonomous government institutions and county governments.
- Currency Services The Central Bank is responsible for the design, production and distribution of the Kenya currency. The Bank ensures that there is adequate supply of clean currency to support social-economic activities.
Central Bank of Kenya Act
The CBK Kenya is responsible for formulating monetary policy to achieve and maintain price stability. The CBK Kenya also promotes financial stability; an effective and efficient payment, clearing and settlement system; formulates and implements foreign exchange policies; holds and manages foreign exchange reserves; issuing of currency; and is the banker for, adviser to and fiscal agent of the Government.
Central Bank of Kenya Careers
You are required to register on this Careers portal in order to apply for job openings and internship opportunities.
This Careers Portal will enable you:
- Register an account
- Create and update your profile
- Upload relevant documents
- Browse current job openings
- Apply for a vacancy
Central Bank of Kenya Exchange Rates
Central Bank of Kenya Contacts and Website
The Bank Secretary
Central Bank of Kenya
Haile Selassie Avenue
P O Box 60000-00200
Email to: firstname.lastname@example.org
Central Bank Kenya Contacts – Video
|Head Office||Haile Selassie Avenue,|
P.O. Box 60000-0200,
|+254 20 2861000|
+254 20 2860000
|+254 20 340192||22324|
P.O. Box 86372,
|+254 41 2121000||+254 41 222524||21230|
|Kisumu||Jomo Kenyatta Highway,|
P.O. Box 4,
|+254 57 2050000||+254 57 45386||31047|
P.O. Box 2710,
|+254 53 2033325/6-9||+254 53 2061052/ 2061212||35005|
|Nyeri||Kenya Commercial Bank Building|
P.O. Box 840 – 10100
|+254 61 2030779||+254 61 2030780||–|
|Nakuru||George Morara Street|
P.O. Box 14094 – 20100
|+254 51 2210711||+254 51 2210713||–|
|Meru||Co-operative Bank Building|
Njuri Ncheke Street
P.O. Box 2171-60200
|+254 64-3132200||+254 64-3132204||–|
We endeavor to keep our content True, Accurate, Correct, Original and Up to Date.
If you believe that any information in this article is Incorrect, Incomplete, Plagiarised, violates your Copyright right or you want to propose an update, please send us an email to email@example.com indicating the proposed changes and the content URL. Provide as much information as you can and we promise to take corrective measures to the best of our abilities.