When Kamau Thugge took over from Patrick Njoroge as the country's chief banker in July last year, inflation was at 7.9 per cent, with the cost of basic commodities like maize flour and fuel super high.
The shilling was quickly sliding against major international currencies and the country's forex reserves below the statutory four-month import cover.
Within a month of taking over, Thugge called a special Monetary Policy Committee meeting and hiked the benchmark rate to 10.5 per cent from 9.5 per cent, the highest rate since July 2016.
He also revealed that the local currency had been overvalued for several years, a position that had been denied by the previous regime despite several warnings from the International Monetary Fund and local monetary analysts
