CBK’s Monetary Policy Committee: Meet 4 New Members

The Central Bank of Kenya (CBK)  has announced four new members to its Monetary Policy Committee.
They are: Dr. Benson Akong’o Ateng’, Dr. Margaret Kwengwa Chemengich, Prof. Jane Wanjiku  Abubo-Mariara and Mr. Humphrey Mugambi Muga.
“The new Members bring on board extensive experience in economic policy and banking sector matters, and will, therefore, enhance the MPC’s role in formulating monetary policy,” said the CBK in a statement.
They were appointed on August 24, 2018.
Dr. Benson Akong’o Ateng’ served in various roles at the World Bank, and is currently the Chairman of the Department of Economics and Development Studies at the Technical University of Kenya. Previously, Dr Ateng’ served as Chairman of the Board of a local commercial bank, and therefore has exposure on banking sector operations.
Dr. Margaret Chemengich has served in various public sector positions including as the Permanent Secretary in the Ministry of Trade, Industry and Tourism, Director of Statistics at the Kenya National Bureau of Statistics (KNBS), as well as at the National Treasury. She was also Chief Executive Officer of the Institute of Economic Affairs, and served on the Board of a local commercial bank.
Prof. Jane Kabubo-Mariara is the Executive Director of the Partnership for Economic Policy. She is a long-serving professor of Economics at the University of Nairobi, and has served as Director of the School of Economics at the University of Nairobi. Prof. Mariara has also served on the Board of the Kenya National Bureau of Statistics.
Mr. Humphrey Muga is a lecturer at the School of Business and Economics at the African International University. He worked at the CBK for many years, and served in the position of Deputy Director, Financial Markets and Banking Department, as well as Deputy Director, Human Resources. He also served as a Board member of the Capital Markets Authority.
The MPC meets at least every two months to make decisions aimed at ensuring that the supply of money in the economy is consistent with growth and price objectives set by the government.
The objective of monetary policy is to maintain price stability in the economy. Price stability refers to maintenance of a low and stable inflation.