IMF Adviser Patrick Njoroge Picked as Kenyan Central Bank Head

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Kenyan President Uhuru Kenyatta has nominated Patrick Ngugi Njoroge as governor of the central bank, ending a more than three-month search, said James Macharia, a spokesman for the National Assembly.

Kenyatta’s government has been vetting candidates to replace Njuguna Ndung’u since he stepped down on March 3 after completing the maximum of two, four-year terms in office. The central bank Deputy Governor Haron Sirima has been serving in an acting capacity as head of the bank.

The appointment of Njoroge, who has worked as an adviser to the International Monetary Fund and studied at Yale University, will be debated and voted on by lawmakers, Macharia said by phone from the capital, Nairobi, on Tuesday. The presidency confirmed the nomination in an e-mailed statement.

Central bank spokesman Samson Burgei declined to comment when reached by Bloomberg News outside regular office hours.

The bank has decided to hold its next monetary policy committee meeting a month earlier than usual on June 9 to review “recent developments in the market” and in view of its mission to keep inflation within the government’s 2.5 percent to 7.5 percent target band. The annual inflation rate declined to 6.9 percent in May.

The MPC has held its key lending rate steady at 8.5 percent for the past two years.

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