6 Important Central Bank of Kenya Functions
The Central Bank of Kenya, now governed by Dr. Patrick Njoroge, came into being via a Parliament Act in March, 1966 and has its headquarters in Nairobi. It is tasked with formulating and implementing the country’s money policies by promoting solvency, banking stability, liquidity, issuance of currency, and provision of banking services for other financial institutions as well as the government. The economic stability of a nation that’s attained in the existence of a strong currency facilitates further economic development by attracting and keeping both local and foreign investors. Writerstake.com highlights a number of functions of the Central Bank of Kenya below:
1. Currency issuing
The CBK facilitates the country with Kenyan currency while ensuring its cleanliness and circulation fitness.
2. Financial and economic analysis
In order to support the policies and decisions made on money, the CBK keeps track of an array of signals within the economy.