The Governor of the Central Bank of Kenya (CBK), Kamau Thugge, has received an “A” grade from Global Finance magazine for his work in steering Kenya’s monetary policy and economic stability.

The magazine issues its annual Central Banker Report Cards using a grading scale from A+ to F. The grades reflect performance in inflation control, economic growth, currency stability, interest rate management, and political independence. An “A” grade signals excellent performance, while an “F” marks outright failure.

Global Finance praised Thugge’s leadership, noting that central bankers worldwide have faced major challenges in recent years. Inflation, currency swings, and the pressure to balance growth with stability have tested even the most experienced economic leaders.

Joseph Giarratano, the founder and editorial director of Global Finance, said central bankers have relied heavily on raising interest rates to fight inflation. He explained that as inflation now eases, the results of those tough policy choices are becoming clear. According to him, the report cards recognise leaders who deliver results with independence, discipline, and foresight.

Thugge, who became CBK Governor in June 2023, welcomed the recognition. In a statement, he said the award reflects the effort of the entire CBK team over the past two years. He noted that the bank had to make difficult decisions to control inflation and stabilise the exchange rate.

“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. We are proud that these efforts have borne fruit,” he said.

“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.”

He added that CBK has introduced a revised Risk-Based Credit Pricing Model for commercial banks. The new model is expected to improve transparency in lending and strengthen how monetary policy decisions flow through the financial system.

Thugge joins global ranks

The Global Finance award places Thugge among some of the world’s most influential central bankers. The list includes Jerome Powell, the Chairman of the US Federal Reserve, as well as governors from Denmark, Vietnam, Indonesia, Chile, and Morocco.

This is not the first international recognition for Thugge. In May 2024, African Banker magazine named him Central Bank Governor of the Year. Observers credit him with helping Kenya manage a period of high inflation and currency pressure without derailing economic activity.

The award will be presented in October in Washington, DC, during the IMF and World Bank Annual Meetings. The event gathers policymakers, financiers, and economists from across the globe to discuss the state of the world economy.

For Kenya, the recognition comes at a time when the economy is facing pressure from rising living costs and public debt concerns. However, the Central Bank has managed to keep inflation under control, a key goal for supporting households and businesses.