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CMI, MS have Completed Studies to Improve Macroeconomic Management

Three studies aimed at improving macroeconomic management in COMESA Member Countries have been completed. The studies were conducted by Member Central Banks and the COMESA Monetary Institute (CMI).

They covered modelling and forecasting inflation dynamics; modelling the spill-over effects of volatility in international commodity prices on financial stability and assessing, using panel data analysis banks’ lending channel of monetary transmission mechanism.

The studies were inspired by the need to share and compare experiences in modelling and forecasting inflation in member countries with hope of moving towards convergence. This was in addition to understanding the feedback loops caused by the volatility in international commodity prices and financial stability.

Further, the dominance of the banking sector in the financial intermediation process in member countries, which points to the key role played by the bank lending channel of monetary transmission mechanism also motivated the studies.

COMESA Committee of Governors of Central Banks had in their 22nd Meeting of March 2017, Bujumbura Burundi instructed the CMI to conduct the studies.

Last week, the CMI organized a three days research forum in Nairobi, Kenya from 16th – 18th October, 2017 in which the studies were validated.

Delegates from the Central Banks of Burundi, Djibouti, DR Congo, Egypt, Eritrea, Kenya, Malawi, Mauritius, Rwanda, Sudan, Swaziland, Zambia and Zimbabwe participated in the forum.

Director of CMI, Mr. Ibrahim Zeidy opened the workshop.

In his statement, he underscored the importance of such studies in improving the macroeconomic management in member countries.

Meanwhile, the Monetary and Exchange Rate Sub-Committee meeting took place back to back with the Validation Workshop, from 19th – 21st October 2017. The meeting considered the status of implementation of its work plan for 2017 and prepared the work plan for 2018, in readiness to the upcoming Governors of Central Banks’ meeting.

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