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.
2025
| Date | Title | Research Note |
|---|---|---|
| April 2 |  There is headroom for a further cut in the Central Policy Rate to support credit growth amidst anchored Inflation | Research Note 77 |
| January 29 | A call for a further Central Bank Rate cut to stimulate credit-led economic activity | Research Note 76 |
2024
| Date | Title | Research Note |
|---|---|---|
| November 29 | There is scope for as stronger interest rate cut to support private sector credit growth | Research Note 75 |
| October 3 | Economic Fundamentals Support a Stronger Policy Rate Cut | Research Note 74 |
| July 31 | Macroeconomic Indicators Support a Hold on Monetary Policy Stance | Research Note 73 |
| May 29 | Macroeconomic Indicators Reflect Stability; Calling for a Hold on Monetary Policy Stance | Research Note 72 |
| March 28 | Foreign Exchange Market Pressures have eased off and inflation has cooled off; calling for a hold on Monetary Policy | Research Note 71 |
| January 30 | Calling for a Hold on the Monetary Policy Stance amidst Downside Risks on the Economic Outlook | Research Note 70 |
2023
| Date | Title | Research Note |
|---|---|---|
| November 29 | Despite easing inflationary pressure, macroeconomic vulnerabilities justify the need to sustain the current stance of Monetary Policy | Research Note 69 |
| September 27 | A call to effect a further tightening of the monetary policy stance, with rising inflationary expectations, to protect macroeconomic stability | Research Note 68 |
| August 3 | A Call To Sustain the Monetary Policy Stance Amidst a Balance of Risks | Research Note 67 |
| May 22 | Amidst High Inflationary Pressures and Expectations, and Waning Economic Recovery, a Hold on Interest Rates would be Appropriate | Research Note 66 |
| March 22 | Persistent inflationary pressure calling for stronger policy action amidst weakening shilling and rising global interest rates | Research Note 65 |
| January 23 | Persistent inflationary pressure a midst tightening global financial conditions calls for a further policy rate hike | Research Note 64 |
2022
| Date | Title | Research Note |
|---|---|---|
| November 22 | Maintain the Policy Rate unchanged at 8.25% to allow the previous rate hikes effected in May and September to be fully transmitted | Research Note 63 |
| September 22 | A call to sustain the current monetary policy stance to support economic recovery with easing inflationary expectations | Research Note 62 |
| May 24 | Tighten monetary policy stance to rein in on rising inflationary expectations and support market and macroeconomic stability in the near term | Research Note 61 |
| March 23 | Amidst inflationary and economic growth trade-offs, the need to maintain policy stance is justified. | Research Note 60 |
| January 20 | Economic recovery is on course, but lacking the necessary anchor of a stronger growth in credit. | Research Note 59 |
2021
2020
| 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 |
2019
| 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 |
2018
| 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 |
2017
| 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 |
2016
| 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 |
2015
| 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 |
2014
| 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 |
2013
| 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 |