CBK transfers Sh5 Billion to Government Consolidated Fund

By Seth Emmanuel

The Central Bank of Kenya (CBK) on Thursday 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 in a statement said that the transfer was as an exceptional distribution from its General Reserve Fund (GRF) in the current Financial Year FY2020/2021.

“The CBK Board authorized the transfer during its discussion of the unaudited Financial Statements for FY2020/2021 as at December 31, 2020, noting the very exceptional circumstances caused by an unprecedented global pandemic that have put a strain on Government’s resources, and having weighed the various factors as stipulated by the law. In particular, the CBK Board also considered CBK’s financial needs with the objective of ensuring CBK is well-resourced to deliver on its mandate in the increasingly uncertain economic environment,” it said in a statement.