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
January 27 Monetary Policy Stance: The hidden Trade-offs Research Note 32


Date Title Research Note
November 23 Monetary Policy Stance: A Choice at the Inflection Phase of the Credit Market Research Note 31
September 23 Monetary Policy Stance: Forward Guidance on a Near Term Accommodative Stance? Research Note 30
March 26 Monetary Policy Stance - The Juggling Game Research Note 29
January 25 Monetary Policy Stance - The Search for Signalling Clarity Research Note 28


Date Title Research Note
November 26 Monetary Policy Stance: Just the Right Level of Accommodation Research Note 27
September 24 Monetary Policy Stance - A balancing Act Between A Calm Surface and Stormy Undercurrents Research Note 26
July 30 Monetary Policy Stance - The Case for Resisting the Temptation to Change the Policy Stance Research Note 25
May 25 Monetary Policy Stance - The Inevitability of a Pause Research Note 24
March 20 Monetary Policy Stance: "Let's Try This One More Time; Who Knows, It May Work" Research Note 23
March 15 Monetary Policy Stance - Resisting the Temptation to be "Accommodative" Research Note 22
January 22 Monetary Policy Stance - Threading the Thin Line Research Note 21


Date Title Research Note
November 23 Monetary Policy Stance - Too Many Moving Parts Ought to Persuade a Pause Research Note 20
September 18 Monetary Policy Stance - The Tactical Pause Research Note 19
July 17 Monetary Policy Stance - Still Hamstrung! Research Note 18
May 30 Monetary Policy Stance - The Quandary Research Note 17
March 28 Monetary Policy Stance - The Conundrum We Are Shy of Talking About! Research Note 16
January 31 Monetary Policy Stance: Confidence in the Pause, Limited in the Signalling Candour Research Note 15


Date Title Research Note
November 29 Monetary Policy Stance - Waiting for the Sky to Clear! Research Note 14
September 21 Monetary Policy Stance - The Bobby McFerrin "Don't Worry, Be Happy" Signal Research Note 13
July 26 Monetary Policy Stance - The Policy Signalling Agony! Research Note 12
May 24 Monetary Policy Stance: The Delicate Balancing Act Packaged As Victory Signal Research Note 11
March 22 Monetary Policy Stance: A Justifiable Defence of Policy Credibility Research Note 10
January 21 Monetary Policy Stance - All about Faith in the Forecast? Research Note 9


Date Title Research Note
November 17 Monetary Policy Stance - The Agony of the Signal Research Note 8
September 23 Monetary Policy Stance - Quick at Declaring Positive Traction? Research Note 7
August 5 Monetary Policy Stance - A justifiable Pause Research Note 6
July 9 Monetary Policy Stance - Staying the Tightening Course Research Note 5
June 11 Monetary Policy Stance - A Pre-emptive Strike or a Reactive Response? Research Note 4
May 7 Monetary Policy Stance - A "Wait-and-See" Decision? Research Note 3
February 26 Monetary Policy Stance - Anchoring Stability Research Note 2
January 15 Monetary Policy Stance - The Stability Precedent Research Note 1


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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