By OCHIENG CLINTON: The Central Bank of Kenya (CBK) has earned praise for safeguarding the stability of the country’s financial system amidst economic volatility and mounting global pressures.

Speaking at the Kenya School of Monetary Studies in Nairobi during celebrations to mark the CBK’s 60th anniversary, President William Ruto highlighted that the regulator’s interventions have laid a strong foundation for macroeconomic recovery.

Highlighting key economic indicators, President Ruto noted that the Kenyan shilling has stabilized at around Sh129 against the US dollar. Meanwhile, inflation moderated to 6.6 percent in August, as official foreign exchange reserves reached a historic high of $15.25 billion.

However, the Head of State insisted that macroeconomic stability alone is not enough. He emphasized that these gains must now translate into direct, practical benefits for everyday citizens.

In a direct call to the financial sector, President Ruto urged commercial banks to make credit more affordable and accessible to households and small businesses.

“Having secured this foundation of stability, it is now time to translate it into tangible benefits for ordinary Kenyans,” President Ruto stated.

Lowering the cost of borrowing, he argued, will empower families to invest, enable local enterprises to expand, stimulate job creation, and catalyze broader economic growth.

The President’s remarks coincide with six decades of central banking in Kenya, underscoring the CBK’s pivotal role in steering monetary policy and anchoring national financial stability.

This video features President William Ruto’s official address during the Central Bank of Kenya’s 60th anniversary gala dinner, where he challenged commercial banks to lower credit costs for ordinary Kenyans.