Micah Cheresem, then CBK Governor as he displayed the new Sh500 notes in 1998. When then 42-year-old Micah Cheserem took over from Eric Kotut as the Governor of scandal-hit Central Bank of Kenya (CBK) in 1993, there were murmurs. Yet, he was taking over a battered CBK whose compromise had nearly brought the economy to its knees. However, there is consensus that Cheserem was able to achieve his assignment by the time he left office in a huff in 2001. By the time he left office, the cost of credit was beyond the reach of ordinary Kenyans, in what was attributed to the high interest rate CBK offered for the various government securities.

Source: Standard Digital August 17, 2021 06:56 UTC