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Research Notes

Research Note is a bi-monthly publication that weighs in on the Monetary Policy Committee’s balancing act of ensuring financial stability and anchoring inflation expectations. It aims to offer thoughtful commentary and foster dialogue on critical monetary policy issues that impact the banking sector as well as other key players in the financial sector.

SNDateDOCUMENTRESEARCH NOTEDOWNLOAD
1.April 2 There is headroom for a further cut in the Central Policy Rate to support credit growth amidst anchored InflationResearch Note 77DOWNLOAD
2.January 29A call for a further Central Bank Rate cut to stimulate credit-led economic activityResearch Note 76DOWNLOAD
SNDateDOCUMENTRESEARCH NOTEDOWNLOAD
1.November 29There is scope for as stronger interest rate cut to support private sector credit growthResearch Note 75DOWNLOAD
2.October 3 Economic Fundamentals Support a Stronger Policy Rate CutResearch Note 74DOWNLOAD
3.July 31Macroeconomic Indicators Support a Hold on Monetary Policy StanceResearch Note 73DOWNLOAD
4.May 29Macroeconomic Indicators Reflect Stability; Calling for a Hold on Monetary Policy StanceResearch Note 72DOWNLOAD
5.March 28Foreign Exchange Market Pressures have eased off and inflation has cooled off; calling for a hold on Monetary PolicyResearch Note 71DOWNLOAD
6.January 30 Calling for a Hold on the Monetary Policy Stance amidst Downside Risks on the Economic OutlookResearch Note 70DOWNLOAD
SNDateDOCUMENTRESEARCH NOTEDOWNLOAD
1.November 29Despite easing inflationary pressure, macroeconomic vulnerabilities justify the need to sustain the current stance of Monetary PolicyResearch Note 69DOWNLOAD
2.September 27 A call to effect a further tightening of the monetary policy stance, with rising inflationary expectations, to protect macroeconomic stabilityResearch Note 68DOWNLOAD
3.August 3 A Call To Sustain the Monetary Policy Stance Amidst a Balance of RisksResearch Note 67DOWNLOAD
4.May 22Amidst High Inflationary Pressures and Expectations, and Waning Economic Recovery, a Hold on Interest Rates would be AppropriateResearch Note 66DOWNLOAD
5.March 22 Persistent inflationary pressure calling for stronger policy action amidst weakening shilling and rising global interest ratesResearch Note 65DOWNLOAD
6.January 23Persistent inflationary pressure a midst tightening global financial conditions calls for a further policy rate hikeResearch Note 64DOWNLOAD
SNDateDOCUMENTRESEARCH NOTEDOWNLOAD
1.November 22 Maintain the Policy Rate unchanged at 8.25% to allow the previous rate hikes effected in May and September to be fully transmittedResearch Note 63DOWNLOAD
2.September 22 A call to sustain the current monetary policy stance to support economic recovery with easing inflationary expectationsResearch Note 62DOWNLOAD
3.May 24Tighten monetary policy stance to rein in on rising inflationary expectations and support market and macroeconomic stability in the near termResearch Note 61DOWNLOAD
4.March 23Amidst inflationary and economic growth trade-offs, the need to maintain policy stance is justified.Research Note 60DOWNLOAD
5.January 20Economic recovery is on course, but lacking the necessary anchor of a stronger growth in credit.Research Note 59DOWNLOAD
SNDateDOCUMENTRESEARCH NOTEDOWNLOAD
1.November 23 The monetary policy stance remains appropriate, but a sustainable economic recovery would be anchored by a stronger growth in credit.Research Note 58DOWNLOAD
2.September 23 The monetary policy stance remains appropriate, but a full thrust towards risk-based pricing will unlock credit to private sector and solve inflationary threats in the near to medium term.Research Note 57DOWNLOAD
3.July 22 Monetary policy is already too accommodative, given the elevated credit risk, protracted uncertainty and rising inflationary pressuresResearch Note 56DOWNLOAD
4.May 20 Credit growth in an environment of elevated risk? A steady anchor would be lending rates that reflect the evolution of the risk.Research Note 55DOWNLOAD
5.March 23Sustain monetary policy stance, and re-energize appropriate pricing to ‘push the liquidity in the system towards supporting economic recovery’Research Note 54DOWNLOAD
6.January 22Sustain Monetary Policy Stance for Longer, but Enhance Risk-Based Pricing of Credit.Research Note 53DOWNLOAD
SNDateDOCUMENTRESEARCH NOTEDOWNLOAD
1.November 24 Monetary Policy Stance: Hitting the Pause Button, AgainResearch Note 52DOWNLOAD
2.September 28 Monetary Policy Stance: Staying PutResearch Note 51DOWNLOAD
3.July 28Monetary Policy Stance: The Merits of a PauseResearch Note 50DOWNLOAD
4.June 25 Monetary Policy Stance: A Pause, But still AccommodativeResearch Note 49DOWNLOAD
5.May 28Monetary Policy Stance: A Justifiable PauseResearch Note 48DOWNLOAD
6.April 30Monetary Policy Stance: Accommodative Bias; Choked TransmissionResearch Note 47DOWNLOAD
7.March 23 Monetary Policy Stance: A Test on CreativityResearch Note 46DOWNLOAD
8.January 27Monetary Policy Stance: The hidden Trade-offsResearch Note 45DOWNLOAD
SNDateDOCUMENTRESEARCH NOTEDOWNLOAD
1.November 23Monetary Policy Stance: A Choice at the Inflection Phase of the Credit MarketResearch Note 44DOWNLOAD
2.September 23 Monetary Policy Stance: Forward Guidance on a Near Term Accommodative Stance?Research Note 43DOWNLOAD
3.March 26 Monetary Policy Stance – The Juggling GameResearch Note 42DOWNLOAD
4.January 25Monetary Policy Stance – The Search for Signalling ClarityResearch Note 41DOWNLOAD
SNDateDOCUMENTRESEARCH NOTEDOWNLOAD
1.November 26 Monetary Policy Stance: Just the Right Level of AccommodationResearch Note 40DOWNLOAD
2.September 24 Monetary Policy Stance – A balancing Act Between A Calm Surface and Stormy UndercurrentsResearch Note 39DOWNLOAD
3.July 30Monetary Policy Stance – The Case for Resisting the Temptation to Change the Policy StanceResearch Note 38DOWNLOAD
4.May 25Monetary Policy Stance – The Inevitability of a PauseResearch Note 37DOWNLOAD
5.March 20 Monetary Policy Stance: “Let’s Try This One More Time; Who Knows, It May Work”Research Note 36DOWNLOAD
6.March 15 Monetary Policy Stance – Resisting the Temptation to be “Accommodative”Research Note 35DOWNLOAD
7.January 22 Monetary Policy Stance – Threading the Thin LineResearch Note 34DOWNLOAD
SNDateDOCUMENTRESEARCH NOTEDOWNLOAD
1.November 23Monetary Policy Stance – Too Many Moving Parts Ought to Persuade a PauseResearch Note 33DOWNLOAD
2.September 18 Monetary Policy Stance – The Tactical PauseResearch Note 32DOWNLOAD
3.July 17Monetary Policy Stance – Still Hamstrung!Research Note 31DOWNLOAD
4.May 30 Monetary Policy Stance – The QuandaryResearch Note 30DOWNLOAD
5.March 28 Monetary Policy Stance – The Conundrum We Are Shy of Talking About!Research Note 29DOWNLOAD
6.January 31Monetary Policy Stance: Confidence in the Pause, Limited in the Signalling CandourResearch Note 28DOWNLOAD
SNDateDOCUMENTRESEARCH NOTEDOWNLOAD
1.November 29 Monetary Policy Stance – Waiting for the Sky to Clear!Research Note 27DOWNLOAD
2.September 21 Monetary Policy Stance – The Bobby McFerrin “Don’t Worry, Be Happy” SignalResearch Note 26DOWNLOAD
3.July 26 Monetary Policy Stance – The Policy Signalling Agony!Research Note 25DOWNLOAD
4.May 24Monetary Policy Stance: The Delicate Balancing Act Packaged As Victory SignalResearch Note 24DOWNLOAD
5.March 22 Monetary Policy Stance: A Justifiable Defence of Policy CredibilityResearch Note 23DOWNLOAD
6.January 21 Monetary Policy Stance – All about Faith in the Forecast?Research Note 22DOWNLOAD
SNDateDOCUMENTRESEARCH NOTEDOWNLOAD
1.November 17 Monetary Policy Stance – The Agony of the SignalResearch Note 21DOWNLOAD
2.September 23Monetary Policy Stance – Quick at Declaring Positive Traction?Research Note 20DOWNLOAD
3.August 5 Monetary Policy Stance – A justifiable PauseResearch Note 19DOWNLOAD
4.July 9Monetary Policy Stance – Staying the Tightening CourseResearch Note 18DOWNLOAD
5.June 11 Monetary Policy Stance – A Pre-emptive Strike or a Reactive Response?Research Note 17DOWNLOAD
6.May 7Monetary Policy Stance – A “Wait-and-See” Decision?Research Note 16DOWNLOAD
7.February 26 Monetary Policy Stance – Anchoring StabilityResearch Note 15DOWNLOAD
8.January 15Monetary Policy Stance – The Stability PrecedentResearch Note 14DOWNLOAD
SNDateDOCUMENTRESEARCH NOTEDOWNLOAD
1.November 11 Monetary Policy Stance – Tailwind Support, But Caution for Turbulence Pockets NecessaryResearch Note 13DOWNLOAD
2.September 4Monetary Policy Stance – Banking on the Forecast, but Blunting the Signal!Research Note 12DOWNLOAD
3.July 9Monetary Policy Stance – The Inevitability of Staying the CourseResearch Note 11DOWNLOAD
4.April 5 Monetary Policy Stance – The Signalling Getting Better?Research Note 10DOWNLOAD
5.April 22The Central Bank of Kenya Legal Framework Review – A Modern Central Bank in the Making?Research Note 9DOWNLOAD
6.March 6Monetary Policy Stance – A Sound Decision Signalling Policy CredibilityResearch Note 8DOWNLOAD
7.January 16 Monetary Policy Stance – Economics Justifiably Carries the Day!Research Note 7DOWNLOAD
SNDateDOCUMENTRESEARCH NOTEDOWNLOAD
1.December 18The East African Monetary Union – An Opportunity for ReflectionResearch Note 6DOWNLOAD
2.November 7Monetary Policy Stance – Eventually it is all about Inflation!Research Note 5DOWNLOAD
3.September 5Monetary Policy Stance: A Temptation to Juice up Growth?Research Note 4DOWNLOAD
4.July 10 Monetary Policy Stance: A Sort-of Pause Before Correction?Research Note 3DOWNLOAD
5.May 9Monetary Policy Stance: A harbinger of Activism?Research Note 2DOWNLOAD
6.March 14 Monetary Policy Stance: Qualified OptimismResearch Note 1DOWNLOAD

Links

Requests for interviews and information from KBA should be directed to:

Ms. Christine Onyango

Director of Communications and Public Affairs,
Kenya Bankers Association
  • +254-20-2221704/2224014
  • conyango@kba.co.ke