Dr Kamau Thugge, Governor of the Central Bank of Kenya (CBK), has secured an ‘A’ grade from Global Finance magazine, a distinction reserved for central bankers recognised for excellence in monetary policy and economic stewardship.

The publication explained that it uses an “A+” to “F” scale, assessing performance on inflation control, economic growth, exchange rate stability, interest rate management and political independence. In its grading, “A” signifies excellence, while “F” indicates failure.

Joseph Giarraputo, who founded and directs the magazine, highlighted the tough environment central bankers have navigated in recent years.

“Most central bankers have spent the past few years battling inflation with their most effective tool: higher interest rates, though their mandates may differ from country to country. As inflation recedes, we’re beginning to see the results of those tough policy decisions,” Giarraputo stated.

“Our annual Central Banker Report Cards recognise those leaders who have not only delivered results but done so with independence, discipline, and strategic foresight.”

In his response, Dr Thugge underlined that the recognition reflected not just his personal work, but the effort of the entire CBK team.

“This grade is a recognition of the hard work done by the team at the Central Bank of Kenya. In the past two years, we have had to take tough decisions in order to rein in inflation and manage the exchange rate.”

He went on to explain the outcomes of those measures, pointing to gains in price stability, currency performance and interest rates.

“We are proud that these efforts have borne fruit. Over the past year, inflation has stayed below the target range, and the exchange rate has been stable against the major currencies. Interest rates have come down on treasury bills, along with the Central Bank Rate,” Thugge said.

“The revised Risk-Based Credit Pricing Model for the banking sector has been issued, and this will lead to enhanced transparency in lending and strengthen monetary policy transmission.”

The accolade places him alongside notable peers such as United States Federal Reserve Chair Jerome Powell and governors from Denmark, Vietnam, Indonesia, Chile and Morocco.

He will officially receive the award during a ceremony in Washington, DC, this October on the sidelines of the IMF and World Bank Annual Meetings.

The recognition follows another milestone earlier in the year when African Banker magazine named him Central Bank Governor of the Year in May 2024.