50 Years of Central Banking in Kenya

Patrick Njoroge is Governor of the Central Bank of Kenya. He holds a PhD in Economics from Yale. He has held numerous positions including: Planning Officer in the Ministry of Planning in Kenya; Economist at the Ministry of Finance. At the IMF in Washington, DC, he was in turn: Senior Economist, IMF Mission Chief for Dominica, Deputy Division Chief, Finance Department, and Advisor to the Deputy Managing Director of the IMF. He has won several awards as a Central Bank Governor. He was named the 2018 Central Banker of the Year in Africa by the Banker Magazine in recognition of his prudence and long-term vision for Kenya's economy and the banking sector. In October 2018, he received the Global Markets Central Banker Governor of the Year award for Africa, and in May 2016, he was recognized as the Central Bank Governor of the year at the African Banker Award ceremony held in Lusaka, Zambia. In 2018 he was appointed on the UN Task Force on Digital Financing of the Sustainable Development Goals.Victor Murinde is AXA Professor of Global Finance and Director of the Research Centre for Global Finance at SOAS, London. He is a Fellow of the Academy of Social Sciences. He has contributed over 100 research papers to the financial economics literature. In 2014, the UK REF recognized his research on 'Shaping Bank Regulatory Reforms in Africa' for exceptional impact. He is the Principal Investigator of a DFID-ESRC Research Grant on 'Inclusive Finance'. He is co-investigator on ESRC - NSFC Grant on Research on China's Financial System towards Sustainable Growth, jointly with colleagues from several universities. His other current roles include: Chair, Econometric Society Africa Region Standing Committee; Chair of Group C (Finance & Resource Mobilization) for the African Economic Research Consortium (AERC); and Visiting Professor of Financial Economics, University of Nairobi. He was the founding Director of the African Development Institute, at the African Development Bank (2011-2014).

• 1: Patrick Njoroge and Victor Murinde: Introduction Part 1: Central Banking - Global and Regional Perspectives 2: Mitsuhiro Furusawa: The Future of Central Banking 3: Patrick Njoroge and Victor Murinde: Reflections on Central Banking 4: Patrick Njoroge, Desire Kanga, and Victor Murinde: Central Bank Independence: What are the Key Issues? 5: Federica Branca, Ixart Miquel Flores, and Francesco Paolo Mongelli: Evolution of Central Banking: Some Observations 6: Babak Abbaszadeh: Financial Stability and Bank Supervision in the 21st Century 7: Bob Collymore: Financial Innovation and Financial Inclusion - Insights from a Practitioner 8: David Ferrand and Ignacio Mas: Do Central Banks Have a Role in Financial Inclusion? 9: John Rwangombwa: Central Banking and Financial Inclusion: Some Key Issues 10: Tavneet Suri: Mobile Money 11: Louis A. Kasekende: East Africa Monetary Union -What Lies Ahead? Part 2: The Central Bank of Kenya 12: Mahesh Gheewala: The Early Days of the Central Bank of Kenya 13: Maureen Were, Charles Koori, and Julius Bett: Central Banking in Kenya - Evolution, Challenges, and Future Prospects 14: Esman Nyamongo, Isaya Maana, and Anne Kamau: Dynamics of Monetary Policy in Kenya 15: Cappitas Chironga, Matu Mugo, and Daniel Tallam: Evolution of the Financial Sector in Kenya 16: Matu Mugo, Everlyne Kilonzo, and Anne Mariga: Powering Financial Inclusion through Innovative Payment Systems 17: Leonard Thotho, Caroline Wanjiku, and Daniel Amanja: Development of the Government Securities Market in Kenya 18: Lydia Ndirangu, Kethi Ngoka, and Esther Kariuki: The Structure of the Interbank Market in Kenya: Prospects and Challenges

Njoroge and Murinde have edited a brilliant volume, with contributions from leading researchers and eminent personalities in banking and finance, altogether providing authoritative coverage of the evolution of central banking and the financial system in Kenya, including financial innovation and rare insights into monetary policy and bank regulation. For policy makers and practitioners interested in understanding the evolution of central banking and how this intrinsically shapes the development of the financial system, this book is a must read.