President Uhuru Kenyatta has nominated Dr Patrick Ngugi Njoroge as the next Central Bank of Kenya Governor.
Dr Njoroge (above) is currently the advisor to deputy managing director of the IMF in Washington DC.
In a statement sent to newsrooms late Tuesday, the President said he had forwarded Njoroge’s name to Parliament for vetting.
If his nomination is approved, Njoroge will replace Njuguna Ndung’u at the helm of the CBK.
Prof Ndung’u left the post in March this year after serving a maximum two four-year terms.
The Public Service Commission had shortlisted five people for the post that include Current CBK Deputy Governor, Haron Sirima, the Economic Affairs Director at Treasury, Geoffrey Mwau and former Planning Permanent Secretary and one-time CBK Deputy Governor Edward Sambili as well as Peninah Wanjira Kariuki.
Njoroge’s nomination comes in awake of a weakening shilling that has depreciated by five percent from January to April 2015 owing to demand for the dollar attributable to the growing US economy.
Other factors include growing imports, and a sluggish export as well as a negative growth from the tourism sector.
The weak shilling has led to an increase in fuel prices across the country for the month of May as well as an increase in food prices.
The Monetary Policy Committee (MPC) is to hold its meeting earlier to June 9 owing to the depreciating shilling as the Senate raised concerns over the weakening shilling.
Money market experts have also raised concerns that the weakening shilling is pulling out foreign investors at the Nairobi Securities Exchange (NSE) that has lost 5.5 percent in the last five months as measured by the NSE 20-Share index.
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