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CBK transfers Sh800 million to Government Consolidated Fund

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The Central Bank of Kenya (CBK) on Monday November 12 approved the transfer of Ksh800 million from its General Reserve Fund (GRF) to the Government’s Consolidated Fund in accordance with sections 9 and 51 of the CBK Act.

CBK’s decision to transfer the funds came after relating to the treatment of the monetary authority’s net annual profits and following approval from the CBK board.

The transfer was executed by crediting the Ministry of Finance Deposit Account at CBK.

“In the context of its discussion of the Financial Statements 2017/2018 and having weighed the various factors as stipulated by law, the CBK board recommended the transfer of Ksh800 million to the Government Consolidated Fund from CBK’s GRF. This was also reported in the Annual Published Reports and Financial Statements 2017/2018,” read a statement by CBK posted on its official social media pages.

According to the monetary policy regulator, in making its determination in accordance with sections 9 and 51 of the CBK Act, the CBK Board also considered it’s financial needs with the objective of ensuring CBK is well resourced to deliver on its mandate which include;

READ: TRANSACT LOOTED FUNDS AT YOUR OWN PERIL, CBK GOVERNOR WARNS BANKS

• Modernising CBK’s facilities and infrastructure.

• Provision of new generation currency in line with the 2010 constitution at an expected cost of Ksh15 billion.

• Strengthening CBK’s position to make it more resilient to shocks. CBK’s paid up capital has remained at Ksh5 billion since 2009 despite the growth of the financial sector and commitment in the context of the East African Community (EAC) to increase it to Ksh20 billion.

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