Kenya's Ruto names Njuguna Ndung'u as finance minister

Reuters | Updated: 27-09-2022 19:15 IST | Created: 27-09-2022 19:15 IST
Kenya's Ruto names Njuguna Ndung'u as finance minister

Kenya's new President William Ruto on Tuesday appointed former central bank governor Njuguna Ndung'u as the new finance minister.

Ndung'u, a professor of Economics, worked as the Central Bank of Kenya Governor between 2007 and 2015. He stepped down in March 2015 after serving the maximum of two four-year terms.

Ndung'u, who became central bank governor in 2007, weathered a political storm in 2012 as parliament tried to oust him over currency turmoil in 2011, when the shilling weakened sharply and inflation soared. A Reuters poll ranked Ndung'u as the worst performing African policymaker after the shilling plunged to its weakest ever level then while run-away inflation was in full swing.

He restored his reputation as a central banker in the following years, keeping inflation contained after raising interest rates before gradually stabilising them.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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