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The Board of Directors provides oversight of the Bank’s functions by formulating policies, other than the formulation of monetary policy, and reviewing performance. The Board comprises eleven members consisting of the Chairman, the Governor, the Permanent Secretary to the National Treasury and eight non-executive directors appointed by the President.
The Central Bank of Kenya is managed by staff with diversified skills including economists, statisticians, accountants, lawyers, communications specialist, information technology experts and human resources professionals amongst others. This pool of talented staff ensures effective and efficient implementation of the Bank’s mandate.
Board of Directors
The Central Bank of Kenya has a Board of Directors whose primary function is to determine the Policies of the Bank and to review the performance of the Bank. However, the Monetary Policy Committee, under the chairmanship of the Governor, is independently responsible for the formulation of Monetary Policy.
The Board is composed of a Non-Executive Chairperson, the Governor, Principal Secretary to the National Treasury, and eight other Non-Executive Directors. The Board holds regular meetings at which it receives briefings on the Bank’s activities, decisions, implementation of policies and the performance of the financial sector and the economy.
The Central Bank of Kenya Act provides for the qualifications of the Directors, the appointment procedures, and the other duties and responsibilities of the Board.
The Bank’s executive management team comprises the Governor, two Deputy Governors, and heads of departments. The Governor and Deputy Governors are recruited through a transparent and competitive process, approved by Parliament, and appointed by the President. They serve a four-year term and may be re-appointed for one additional four-year term.
The Governor serves as the Chief Executive Officer and official spokesperson of the Bank. In this role, the Governor is responsible for the overall management of the institution, including implementing the Board’s policy decisions, overseeing the organisation, appointing and dismissing staff in line with the Board’s established terms and conditions, and authorising expenditure within the administrative budget approved by the Board.
Supporting the executive management are senior staff who head various departments and are responsible for managing the Bank’s core functions.
