50 Years of Central Banking in Kenya
50 Years of Central Banking in Kenya
AXA Professor in Global Finance
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Abstract
This book documents important milestones in the epic journey traversed by the Central Bank of Kenya over the last 50 years, putting into perspective the evolution of central banking globally and within the East African region, and contemplating future prospects and challenges. The book is timely, mainly because the global financial landscape has shifted. Central bankers have expanded their mandates, beyond the singular focus on inflation and consider economic growth as their other important objective. Financial crises have continued to disrupt the functioning of financial institutions and markets, the most devastating episodes being the global financial crisis, which broke out in 2008 and from which the global financial system has not fully recovered, and the unprecedented challenges posed by the global coronavirus pandemic. Bank regulation has moved from Basel I, to Basel II, and somehow migrated to Basel III, although some countries are still at the crossroads. The book originated from the wide-ranging discussions on central banking, from a symposium to celebrate the 50 year anniversary on 13 September 2016 in Nairobi. The participants at the symposium included current and former central bank governors from Kenya and the Eastern Africa region, high-level officials from multilateral financial institutions, policy-makers, bank executives, civil society actors, researchers and students. The book is an invaluable resource for policy-makers, practitioners, and researchers, on how monetary policy and financial practices in vogue today in Kenya have evolved through time and worked very well, but also about some pitfalls.
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Front Matter
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1
Introduction
Patrick Njoroge andVictor Murinde
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Part I Central Banking: Global and Regional Perspectives
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2
Monetary Policy and the Future of Central Banking: Implications for Africa
Mitsuhiro Furusawa
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3
Reflections on Central Banking
Patrick Njoroge andVictor Murinde
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4
Central Bank Independence: What Are the Key Issues?
Patrick Njoroge and others
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5
Evolution of Central Banking: Some Observations
Federica Branca and others
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6
Financial Stability and Bank Supervision in the Twenty-First Century
Babak Abbaszadeh
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7
Financial Innovation and Financial Inclusion: Insights from a Practitioner
Bob Collymore
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8
Do Central Banks Have a Role in Financial Inclusion?
David Ferrand andIgnacio Mas
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9
Central Banking and Financial Inclusion: Some Key Issues
John Rwangombwa
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10
Mobile Money
Tavneet Suri
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11
East African Monetary Union: What Lies Ahead?
Louis A. Kasekende
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2
Monetary Policy and the Future of Central Banking: Implications for Africa
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Part II The Central Bank of Kenya
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12
The Early Days of the Central Bank of Kenya
Mahesh Gheewala
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13
Central Banking in Kenya: Evolution, Challenges, and Future Prospects
Maureen Were and others
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14
Dynamics of Monetary Policy in Kenya
Esman Nyamongo and others
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15
Evolution of the Financial Sector in Kenya
Cappitus Chironga and others
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16
Powering Financial Inclusion through Innovative Payment Systems
Matu Mugo and others
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17
Development of the Government Securities Market in Kenya
Leonard Thotho and others
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18
The Structure of the Interbank Market in Kenya: Prospects and Challenges
Lydia Ndirangu and others
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12
The Early Days of the Central Bank of Kenya
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End Matter
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