Which institution became Kenya’s central bank when it was established in 1966?

The Central Bank of Kenya became the country’s central bank when it was established in 1966.

The Central Bank of Kenya was created after the dissolution of the East African Currency Board, which had served several territories in the region during the colonial and early postcolonial period. Establishing a national central bank gave Kenya independent control over monetary policy, currency issuance, and banking supervision.

The bank is headquartered in Nairobi and issues Kenya’s currency, the Kenyan shilling. Its responsibilities include formulating monetary policy, maintaining price stability, regulating banks, managing foreign-exchange reserves, and overseeing payment systems.

The Central Bank of Kenya should not be confused with Kenya Commercial Bank, which is a commercial bank serving customers and businesses. The East African Currency Board is also a historical predecessor rather than Kenya’s present-day central bank. The bank’s official abbreviation is CBK.