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2020 Annual Report To be a World Class Modern Central Bank ANN U A L REPO R T AND F I N A N C I A L S TAT EME NCENTRALT S BANK OF KENYA I 2019/2020ANNUAL REPORT & FINANCIAL STATEMENTS 2019/20 To be a World Class Modern Central Bank II CENTRAL BANK OF KENYA ANNUAL REPORT & FINANCIAL STATEMENTS 2019/20 To be a World Class Modern Central Bank LETTER OF TRANSMITTAL In accordance with Section 54 of the Central Bank of Kenya Act, it is my honour to present to you, Honourable Cabinet Secretary of the National Treasury and Planning, the Annual Report of the Central Bank of Kenya for the Financial Year 2019/20. The Annual Report contains economic and financial developments and the financial performance of the Central Bank of Kenya for the Financial Year ended June 30, 2020. CENTRAL BANK OF KENYA III ANNUAL REPORT & FINANCIAL STATEMENTS 2019/20 To be a World Class Modern Central Bank HIGHLIGHTS Central Bank Rate (%) 9.5 9.0 7.0 Official Foreign Exchange Reserves Jun-18 Jun-19 Jun-20 9,800 9,656 6.5 Average Exchange Rate (KSh/US$) 6.0 9,504 9,600 5.7 6.0 6.0 9,400 5.7 CBR lowered to support the 5.5 9,200 8,954 103.6 economy without 9,000 5.0 102.5 102.4 101.2 compromising the price 8,800 8,580 4.5 8,600 stability objective. 4.0 8,400 8,200 3.5 8,000 3.0 June 2017 June 2018 June 2019 June 2020 Officail Reserve (USD million) Real GDP Growth (%) Months of Import (RHS) FY 2016/17 FY 2017/18 FY 2018/19 FY 2019/20 6.3 5.9 The official forex reserves remain 5.4 adequate and above the statutory The exchange rate remained 4.9 relatively stable. requirements. Current A/C Deficit (% of GDP) Average 91 - day T Bill Rate (%) F Y 2 0 1 7 /1 8 F Y 2 0 1 8 /1 9 F Y 2 0 1 9 /2 0 2016 2017 2018 2019 8.1 The economy remained resilient in 2019. 7.3 6.9 -4.2 Average Lending Rate (%) FY2017/18 FY2018/19 FY2019/20 -5.4 -5.2 The current account weakened slightly Decline in interest rates on due to the effect of COVID-19 in the last government securities resulting quarter of the financial year. 13.7 in lower cost of domestic debt. 13.2 12.6 12.3 80 June 2017 June 2018 June 2019 June 2020 Private sector Credit Public Debt (% of GDP) 7.6 60 Growth (%) The lending rate declined thereby 32.5 34.5 supporting access to affordable 40 30.0 29.1 5.2 credit. 4.3 20 27.6 28.2 29.9 31.2 1.9 0 June-17 June-18 June-19 June-20 Average Infla�on Rate Domesticc External 8.10 FY 2016/17 FY 2017/18 FY 2018/19 FY 2019/20 Some increase in public debt to 5.89 Recovery in growth of private support COVID-19 related 5.24 5.16 expenditures. sector credit. FY 2016/17 FY2017/18 FY2018/19 FY2019/20 Inflation remained within the Government target. IV CENTRAL BANK OF KENYA ANNUAL REPORT & FINANCIAL STATEMENTS 2019/20 VISION MANDATE The Vision of the Bank is to be a World Class Modern Article 231 of the constitution of Kenya and Sections 4 Central Bank. and 4A of the Central Bank of Kenya (CBK) Act outline the key mandate of Central Bank of Kenya (CBK) as to: i. Formulate and implement Monetary Policy directed to achieving and maintaining stability in the general level of prices. MISSION ii. Foster the liquidity, solvency and proper functioning, efficient, sound and stable market-based financial To formulate and implement monetary policy for system. price stability, foster a stable market-based financial iii. Formulate and implement such policies as best system and ensure sound national payment system. to promote the establishment, regulation and supervision of efficient and effective payment, clearing and settlement systems. iv. Design, issue and manage efficient distribution of quality currency (notes and coins) that are easily accepted and secure against counterfeiting. v. Support the Government’s economic and financial policies including its objectives for growth and employment. The other mandates of the Bank include:- formulating and implementing foreign exchange policy; effective management of the nation’s foreign exchange reserves; licensing and supervising authorized dealers; act as banker and adviser to, and fiscal agent of the Government. OUR CORE VALUES Transparency, Accountability and Commitment Integrity The Board, Management and staff are committed to implemeting the Bank’s mandate as stipulated in the The Board, Management and staff will always act Constituion of Kenya and the CBK Act. in a transparent and accountable manner when handling all the affairs of the Bank both internally and with external parties so as to uphold the Bank’s image at all times. In addition, the Bank will uphold high standards of ethics, integrity and honesty as Diversity and Inclusiveness guided by the Constitution, act in an ethical manner as guided by the Leadership and Integrity Act and Public Officers’ Ethics Act, and observe high moral The Bank appreciates and embraces the differences standards. in its employees’ skill set and abilities and encourages consultations and inclusiveness in pursuit of its mandate across departments. This is aimed at maximizing productivity and enhancing the Bank’s overall performances. Efficiency & Effectiveness The Bank will at all times undertake its operations in the most cost efficient and effective manner while maintaining high standards of performance in Mutual Respect and Team Work execution of its mandate. Mutual respect shall at all times be observed internally amongst colleagues and when dealing with the Bank’s external clients. In addition, the Board and staff will Professionalism and Relevance cooperate and collaborate to enhance performance and create a healthy work environment. The Board, Management and staff will always endeavour to offer quality services to its internal and external stakeholders, diligently observing high professional standards at all times and respecting Innovativeness the rules and regulations set by the Bank. All initiatives and activities undertaken remain relevant The Bank will encourage, nurture and support to the Bank’s strategic objectives in pursuit of its core creativity and the development of new ideas mandate. and processes for the continued improvement of organizational performance. To be a World Class Modern Central Bank CONTENTS ABBREVIATIONS AND ACRONYMS ...........................................................................................VII FOREWORD BY THE GOVERNOR............................................................................................ VIII STATEMENT BY THE CHAIRMAN OF THE BOARD ..........................................................................IX 1.0 GLOBAL ECONOMY ........................................................................................................1 2.0 THE COVID-19 PANDEMIC ...............................................................................................3 3.0 DOMESTIC ECONOMY .....................................................................................................6 3.1 Real Sector .......................................................................................................................... 7 3.2 Inflation .............................................................................................................................. 7 3.3 Balance of Payments ............................................................................................................ 8 3.4 Government Budget ........................................................................................................... 11 3.5 Public Debt ........................................................................................................................ 12 4.0 REGIONAL INTEGRATION DEVELOPMENTS ....................................................................... 14 5.0 CENTRAL BANK OPERATIONS ........................................................................................ 17 5.1 Monetary Operations .......................................................................................................... 18 5.2 Interest Rates .................................................................................................................... 21 5.3 Foreign Exchange Operations and Reserves Management ..................................................... 21 5.4 Banking Sector Developments ............................................................................................ 22 5.5 Currency Operations .......................................................................................................... 25 5.6 Banking Services and National Payments ............................................................................. 25 5.7 Domestic Debt Operations and Developments ...................................................................... 27 6.0 FINANCIAL PERFORMANCE FOR THE YEAR ENDED JUNE 2020 ............................................. 29 VI CENTRAL BANK OF KENYA ANNUAL REPORT & FINANCIAL STATEMENTS 2019/20 To be a World Class Modern Central Bank ABBREVIATIONS AND ACRONYMS AACB Association of African Central Banks KNBS Kenya National Bureau of Statistics AMCP African Monetary Cooperation Programme KSh Kenya Shillings CBK Central Bank of Kenya MFBs Microfinance Banks COMESA Common Market for Eastern and Southern MNOs Mobile Network Operators Africa MPC Monetary Policy Committee COVID-19 Corona Virus Disease 2019 MSME Micro, Small and Medium Enterprise CRBs Credit Reference Bureaus NDA Net Domestic Assets CRR Cash Reserves Requirement NFA Net Foreign Assets EAC East African Community NPL Non-Performing Loan EAMU East African Monetary Union OPEC Organization of the Petroleum Exporting EAPSS East Africa Payments System Countries EDW Enterprise Data Warehouse
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