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    Khusoko – East African Markets
    BANKING & FINANCE

    CBK Commits to Reforms For Forward Looking Monetary Policy

    David IndejeBy David2021-07-27Updated:2023-08-091 Comment2 Mins Read
    Central Bank of Kenya Kisumu Branch, The Kenya Bankers Association (KBA) has advised the Central Bank of Kenya (CBK) to continue tightening its monetary policy.

    The Central Bank of Kenya (CBK) says it is committed to enhancing the effectiveness of its monetary policy framework.

    “Despite the tremendous achievements so far, some issues remain to be addressed…” Dr Patrick Njoroge, CBK Governor says in the 72- page White Paper.

    The White Paper outlines additional reforms termed necessary to ‘fully adopt a forward-looking monetary policy framework’.

    “These reforms will enhance the effectiveness of monetary policy and support better anchoring of inflation expectations in view of the changing economic and financial environment,” the MPC said.

    The monetary policy framework will be supported by reforms aligning it to the new economic and financial realities.

    Key among them, refining macroeconomic modelling and forecasting frameworks in line with the changing structure of the economy.

    Two, improving the functioning of the interbank market in order to strengthen monetary policy transmission and operations.

    Thirdly, enhancing its communication and understanding of monetary policy decisions.

    The key objective of the Central Bank’s Monetary Policy Committee is to maintain price stability in the economy and maintenance of low and stable inflation.

    The Monetary Policy Committee is the organ of the Central Bank of Kenya responsible for formulating monetary policy. 

    The MPC meets at least every two months to make decisions aimed at ensuring that the supply of money in the economy is consistent with growth and price objectives set by the government.


     

    monetary policy Monetary Policy Framework
    David Indeje
    David
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    Community Engagement Editor at Khusoko. I connect with our audience, deliver news on various platforms, and diversify voices on our website. I excel in social-media and multimedia.

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