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Central Bank of Kenya is one of the most significant banks of Kenya. The Central Bank of Kenya was fabricated in the year 1966. The bank was formed after Kenya gained independence from Britain. The Central Bank of Kenya Act of 1966 led to the formation of this national bank. Limited amount of autonomy was given to the Central Bank of Kenya according to act passed in 1966. The bank was also formed because the people of Kenya thought that it was high time to have some independent and exclusive monetary policy and institution in their country. The decline of the East Africa Currency Board in the 1960s is behind the formation of this bank.
In 1997 through certain government regulations in 1996 more power was conferred upon the Central Bank of Kenya. The bank acts was a major advisory to the government regarding economic and fiscal matters. However total autonomy is still not assigned upon the bank. The hierarchy of the Central Bank of Kenya can be divided in eight parts, the governor, the deputy governor, the permanent secretary to the treasury and the five directors belonging to the non executive post. After the initial appointment everyone is eligible to a four years term and reappointment of the officials is allowed. The name of the current governor of the Central Bank of Kenya is Dr. Adrew Mullei. The main branch of the Central bank of Kenya is located in Nairobi the capital and also in two other places. The branch sees to it that new notes are always in supply and unfit noted are replaced.
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