Ladies and Gentlemen, the Monetary Affairs Committee is a caucus of Central Bank Governors under the East African Community Monetary Union which is mandated, among others, to harmonize regulatory regimes and supervisory frameworks in the region in the banking sectors.
Taking advantage of big data can ultimately improve macroeconomics policymaking: i) by answering new questions and producing new, accurate and more granular indicators; ii) by offering a painstaking and detailed description of the economic scenario through innovative data sources; iii) slashing the time lags in statistics production, therefore, contributing to a timelier nowcasts/forecasts of existing indicators.