The massive market transformation this month that some on Wall Street called a "once in a decade opportunity" might have just been a one-off technical move because of taxes.Marketsread more
The Pentagon will deploy U.S. forces to the Middle East on the heels of the attack on Saudi Arabian oil facilities, United States Secretary of Defense Mark Esper announced...Defenseread more
CNBC did a deep dive through the most recent Wall Street research to find stocks that analysts say are underappreciated.Marketsread more
Shares of MasterCard are up 46% this year, and 1120% since 2011, getting a boost from the strong U.S. consumer.Investingread more
CNBC sat in on an "empathy training" at Amazon PillPack's Somerville offices, which is part of new hire orientation.Technologyread more
Trade with China is the 'big unknown' for the Federal Reserve as it decides how best to support the U.S. economy, says Council on Foreign Relations Director of International...Futures Nowread more
Lobbying experts said the visit is likely an attempt to be in lawmakers' ears as they consider legislation that would impact Facebook.Technologyread more
Yardeni Research's Edward Yardeni believes the U.S. economy is picking up steam.Trading Nationread more
Iran's audacious drone and cruise missile attack on Saudi Arabia's oil producing facilities has provided a critical test yet for the Trump administration's foreign policy. A...Politicsread more
Chinese trade negotiators suddenly canceled a visit to meet U.S. farmers after they wrapped up trade talks in Washington this week.Marketsread more
NAIROBI, June 6 (Reuters) - Kenyan Central Bank Governor Patrick Njoroge has been given a second and final four-year term in the job, as President Uhuru Kenyatta opted for continuity in the face of a private sector credit crunch and pressure to reduce government borrowing.
The Yale-educated economist, who advised the International Monetary Fund in Washington before taking up his post in June 2015, has been credited with stabilising the shilling and giving credibility to the government's management of financial affairs.
He has won plaudits from the market for his handling of the banking sector following the closure of two mid-sized lenders just months after he took over, and the capping of commercial lending rates in 2016.
"The Governor's reappointment will be seen as providing a stabilising hand," said Razia Khan, head of research for Africa at Standard Chartered in London.
Njoroge has also won praise for shunning the trappings of office in a country where officials often abuse state resources, using a modest official car and never moving to the sprawling governor's mansion in an upmarket part of Nairobi.
He faces the ongoing challenge of formulating monetary policy as a government-imposed cap on commercial lending rates takes its toll on credit growth and as calls grow for the government to reduce its budget deficit.
"From this perspective, experience and continuity will count for a great deal," Khan said.
The rate cap, introduced by the government in September 2016, has hammered private sector credit, which grew just 4.5% in the year to April -- well below the ideal growth rate of 12-15% according to the central bank.
Kenya's public debt as a percentage of gross domestic product (GDP) has risen to 55% from 42% when Kenyatta took office in 2013.
The government has defended the increase, saying the country must invest in infrastructure, including roads and railways.
Njoroge has warned that the space for increased borrowing is running out.
On Njoroge's watch, the Kenyan shilling has been one of the stablest emerging market currencies, rising 0.54 percent this year to 101.25/45, the second-best performer in emerging markets after the Egyptian pound.
"The message the market is emitting is that he is a very, very safe pair of hands," said Aly Khan Satchu, an independent trader and analyst.
But some criticised Njoroge for failing to deepen the local debt market, which still has no bond issuance calendar.
"In terms of market development, we have not seen much, sadly," said a senior trader at a leading commercial bank.
Njoroge has said his team has not accomplished all it had set out to do.
"There have been many successes, there have been many failures, there have been many sleepless nights," he told reporters last week.
One of his latest tasks included introducing new banknotes to curb a surge in suspicious transactions in the financial sector.
Kenyatta also re-appointed Deputy Governor Sheila M'mbijiwe and the chairman of the bank's board, Mohammed Nyaoga, to new four-year terms. (Additional reporting by Omar Mohammed; Writing by Duncan Miriri; Editing by Maggie Fick and Hugh Lawson)