One Industry. Transforming Kenya

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.


Date Title Research Note
July 22 Monetary policy is already too accommodative, given the elevated credit risk, protracted uncertainty and rising inflationary pressures Research Note 56
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 55
March 23 Sustain monetary policy stance, and re-energize appropriate pricing to 'push the liquidity in the system towards supporting economic recovery' Research Note 54
January 22 Sustain Monetary Policy Stance for Longer, but Enhance Risk-Based Pricing of Credit. Research Note 53


Date Title Research Note
November 24 Monetary Policy Stance: Hitting the Pause Button, Again Research Note 52
September 28 Monetary Policy Stance: Staying Put Research Note 51
July 28 Monetary Policy Stance: The Merits of a Pause Research Note 50
June 25 Monetary Policy Stance: A Pause, But still Accommodative Research Note 49
May 28 Monetary Policy Stance: A Justifiable Pause Research Note 48
April 30 Monetary Policy Stance: Accommodative Bias; Choked Transmission Research Note 47
March 23 Monetary Policy Stance: A Test on Creativity Research Note 46
January 27 Monetary Policy Stance: The hidden Trade-offs Research Note 45


Date Title Research Note
November 23 Monetary Policy Stance: A Choice at the Inflection Phase of the Credit Market Research Note 44
September 23 Monetary Policy Stance: Forward Guidance on a Near Term Accommodative Stance? Research Note 43
March 26 Monetary Policy Stance - The Juggling Game Research Note 42
January 25 Monetary Policy Stance - The Search for Signalling Clarity Research Note 41


Date Title Research Note
November 26 Monetary Policy Stance: Just the Right Level of Accommodation Research Note 40
September 24 Monetary Policy Stance - A balancing Act Between A Calm Surface and Stormy Undercurrents Research Note 39
July 30 Monetary Policy Stance - The Case for Resisting the Temptation to Change the Policy Stance Research Note 38
May 25 Monetary Policy Stance - The Inevitability of a Pause Research Note 37
March 20 Monetary Policy Stance: "Let's Try This One More Time; Who Knows, It May Work" Research Note 36
March 15 Monetary Policy Stance - Resisting the Temptation to be "Accommodative" Research Note 35
January 22 Monetary Policy Stance - Threading the Thin Line Research Note 34


Date Title Research Note
November 23 Monetary Policy Stance - Too Many Moving Parts Ought to Persuade a Pause Research Note 33
September 18 Monetary Policy Stance - The Tactical Pause Research Note 32
July 17 Monetary Policy Stance - Still Hamstrung! Research Note 31
May 30 Monetary Policy Stance - The Quandary Research Note 30
March 28 Monetary Policy Stance - The Conundrum We Are Shy of Talking About! Research Note 29
January 31 Monetary Policy Stance: Confidence in the Pause, Limited in the Signalling Candour Research Note 28


Date Title Research Note
November 29 Monetary Policy Stance - Waiting for the Sky to Clear! Research Note 27
September 21 Monetary Policy Stance - The Bobby McFerrin "Don't Worry, Be Happy" Signal Research Note 26
July 26 Monetary Policy Stance - The Policy Signalling Agony! Research Note 25
May 24 Monetary Policy Stance: The Delicate Balancing Act Packaged As Victory Signal Research Note 24
March 22 Monetary Policy Stance: A Justifiable Defence of Policy Credibility Research Note 23
January 21 Monetary Policy Stance - All about Faith in the Forecast? Research Note 22


Date Title Research Note
November 17 Monetary Policy Stance - The Agony of the Signal Research Note 21
September 23 Monetary Policy Stance - Quick at Declaring Positive Traction? Research Note 20
August 5 Monetary Policy Stance - A justifiable Pause Research Note 19
July 9 Monetary Policy Stance - Staying the Tightening Course Research Note 18
June 11 Monetary Policy Stance - A Pre-emptive Strike or a Reactive Response? Research Note 17
May 7 Monetary Policy Stance - A "Wait-and-See" Decision? Research Note 16
February 26 Monetary Policy Stance - Anchoring Stability Research Note 15
January 15 Monetary Policy Stance - The Stability Precedent Research Note 14


Date Title Research Note
November 11 Monetary Policy Stance - Tailwind Support, But Caution for Turbulence Pockets Necessary Research Note 13
September 4 Monetary Policy Stance - Banking on the Forecast, but Blunting the Signal! Research Note 12
July 9 Monetary Policy Stance - The Inevitability of Staying the Course Research Note 11
April 5 Monetary Policy Stance - The Signalling Getting Better? Research Note 10
April 22 The Central Bank of Kenya Legal Framework Review - A Modern Central Bank in the Making? Research Note 9
March 6 Monetary Policy Stance - A Sound Decision Signalling Policy Credibility Research Note 8
January 16 Monetary Policy Stance - Economics Justifiably Carries the Day! Research Note 7


Date Title Research Note
December 18 The East African Monetary Union - An Opportunity for Reflection Research Note 6
November 7 Monetary Policy Stance - Eventually it is all about Inflation! Research Note 5
September 5 Monetary Policy Stance: A Temptation to Juice up Growth? Research Note 4
July 10 Monetary Policy Stance: A Sort-of Pause Before Correction? Research Note 3
May 9 Monetary Policy Stance: A harbinger of Activism? Research Note 2
March 14 Monetary Policy Stance: Qualified Optimism Research Note 1
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