The Central Bank of Kenya (CBK) has transferred to the Government Consolidated Fund 5,000,000,000 shillings as an exceptional distribution from CBK’s General Reserve Fund (GRF) in the current Financial Year FY2020/2021.
The transfer is in accordance with Sections 9 and 51 of the CBK Act and following approval by the CBK Board. The transfer was executed by crediting the Ministry of Finance’s Deposit Account at CBK.
The CBK Board authorized the transfer during its discussion of the unaudited Financial Statements for FY2020/2021 as of December 31, 2020, noting the very exceptional circumstances caused by an unprecedented global pandemic that has put a strain on Government’s resources and having weighed the various factors as
stipulated by the law.
“In particular, the CBK Board also considered CBK’s financial needs with the objective of ensuring CBK is well resourced to deliver on its mandate in the increasingly uncertain economic environment,” said CBK in a statement.
The Kenyan economy is currently recovering from the heat of the COVID-19 pandemic that has led to the shutdown of businesses and people losing their jobs.