As of 2020, the COMESA Monetary Institute (CMI) introduced the CMI Working Papers, featuring studies on macroeconomic management routinely sanctioned by the Bureau of the COMESA Committee of Governors of Central Banks to generate policy-relevant, high-quality research that is deemed pertinent to monetary policy decision-making in the COMESA region.

Thus, the CMI initiates, coordinates and publishes largely country specific research papers led and peer-reviewed by uniquely well-informed researchers based in the COMESA region member Central Banks. As such, working papers describe on-going research by the author(s) and are published to elicit comments, stimulate debate and inform evidence based monetary policy decision-making in the COMESA region, with wider application to other jurisdictions.

Any reproduction, publication and reprint in the form of a different publication, whether printed or produced electronically, in whole or in part, is permitted only with the explicit written authorization of the CMI. The views expressed in the paper are those of the authors and do not necessarily reflect those of the CMI. All inquiries on CMI Working Papers should be addressed to: COMESA Monetary Institute, Kenya School of Monetary Studies, Box 65041 – 00618, Nairobi – Kenya, Tel. +254 2 2324832/8646207.