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Viewing cable 07NAIROBI1026, Kenya: New Central Bank Governor Appointed

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Reference ID Created Released Classification Origin
07NAIROBI1026 2007-03-05 07:41 2011-08-25 00:00 UNCLASSIFIED//FOR OFFICIAL USE ONLY Embassy Nairobi
VZCZCXYZ0000
PP RUEHWEB

DE RUEHNR #1026 0640741
ZNR UUUUU ZZH
P 050741Z MAR 07
FM AMEMBASSY NAIROBI
TO RUEHC/SECSTATE WASHDC PRIORITY 7953
INFO RUEHXR/RWANDA COLLECTIVE PRIORITY
RUEATRS/DEPT OF TREASURY WASHDC
RUCPDOC/DEPT OF COMMERCE WASHDC
RUEAWJA/DEPT OF JUSTICE WASHDC
UNCLAS NAIROBI 001026 
 
SIPDIS 
 
SENSITIVE 
 
DEPT FOR AF/E, AF/EPS, EB/ESC/TFS 
JUSTICE FOR AFMLS, OIA, AND OPDAT 
TREASURY FOR FINCEN 
TREASURY FOR VIRGINIA BRANDON 
 
SIPDIS 
 
E.O. 12958:  N/A 
TAGS: ECON EFIN PGOV KCRM KE
SUBJECT: Kenya: New Central Bank Governor Appointed 
 
Ref: 06 Nairobi 4421 
 
Sensitive-but-unclassified.  For USG use only. 
 
1. (SBU) Summary: Kenya has appointed a new Central Bank Governor, 
academic Njuguna Ndung'u.  The 48-year old economic professor 
appears to have the credentials to run the Central Bank of Kenya 
(CBK) effectively, and also has a reputation for integrity.  That 
said, in an election year, he may face pressure to alter policy - or 
worse - as the incumbent administration scrambles to fund its bid to 
stay in power.  End summary. 
 
New Hand at the Helm of CBK 
--------------------------- 
2.  (SBU) President Mwai Kibaki named Njuguna Ndung'u, a fellow 
ethnic Kikuyu, to a four-year term as CBK Governor, effective March 
4, 2007.  Ndung'u takes over the job at an interesting moment.  He 
replaces Jacinta Mwatela, the CBK Deputy Governor who had been the 
CBK's Acting Governor since April 2006 following the suspension of 
then-Governor Andrew Mullei on charges of nepotism.  Mullei's 
suspension followed his recommendation to Minister of Finance Amos 
Kimunye to close Charterhouse Bank on suspicion it was involved in 
massive money laundering operations.  Acting Governor Mwatela 
pursued the Charterhouse scandal and succeeded in having the bank 
closed (reftel for background, septel for update).  Meanwhile, the 
case against Mullei remains in court and his four-year term ended 
March 1, providing the Government of Kenya (GOK) with an opportunity 
to appoint a new Governor to replace him. 
 
New Governor Has Good Credentials 
--------------------------------- 
3.  (SBU) Ndung'u comes with good substantive credentials, and has a 
track record of advocating for market-based economic reform.  He is 
currently the Director of Training at the African Economic Research 
Consortium (AERC), whose mandate is to enhance the capacity of 
locally-based researchers to conduct policy-relevant economic 
research.  The 48-year old Ndungu is also an Associate Economics 
Professor currently on leave of absence from the University of 
Nairobi.  A long-time researcher, Ndung'u holds a doctorate in 
economics from the University of Gothenburg, Sweden, and master's 
and bachelor's degrees in economics from the University of Nairobi. 
He has published extensively on external debt, financial 
liberalization in Anglophone Africa, structural adjustment, 
employment and labor market issues.  He worked as Regional Program 
Officer for the International Development Research Centre (IDRC) of 
Canada.  Ndung'u has also worked short stints at the IMF, the World 
Bank and the Economic Commission for Africa. 
 
CBK's Good Track Record Should Continue 
------------------------------------- 
4. (SBU) Further, Ndungu enjoys a good reputation for honesty and 
integrity.  He is also fortunate to be taking over the CBK at a time 
when the economy is growing at around 6% per year, and when the 
country's monetary and fiscal policies are fairly stable.  Although 
overall inflation is relatively high, underlying inflation is close 
to the 5% target, interest rates are relatively low, and the GOK is 
collecting sufficient tax revenues to finance recurrent and cover 
most development expenditures.  Combined, these factors should mean 
less political pressure on the new CBK Governor, and it is hoped he 
will continue a trend towards greater CBK professionalism and 
independence begun under Mullei and Mwatela. 
 
Comment 
------- 
5. (SBU) That said, it is an election year in Kenya, and if history 
is any guide, the CBK and its Governor may face political pressure 
to loosen monetary policy - or worse.  Under Kibaki's predecessor, 
the CBK actually printed extra money to finance the then-ruling 
Kenya African National Union (KANU) party's campaign, and the 
resulting destabilization of monetary and fiscal policies took 
almost a decade to bring under control.  Kenya has changed in good 
ways since then, and we think it's less likely that the CBK could be 
manipulated to print and steal its own currency.  And if it did, it 
would be less likely to get away with it in the current environment 
of greater openness and transparency.  But the markets and the 
political pundits will be closely watching the money supply 
statistics in the coming weeks.  They will also be watching Ndung'u 
for clues about how he will lead the CBK.  Our hope is that he will 
use his new position to continue to strengthen the CBK's 
independence and competence. 
 
RANNEBERGER