There also may be other contributory forces lurking unseen in the wings that will only become clear in time. Over the longer run, of course, the actions of the central bank determine the degree of overall liquidity and hence rate of inflation. It is up to us to validate the favorable inflation developments of recent years.
*  *  *  Mr. Emmanuel Tumusiime-Mutebile, Governor, Bank of Uganda; Mr. Francois Kanimba, Governor, National Banque du Rwanda; Mr. Juma Reli, Deputy Governor, Bank of Tanzania; Mr. Leonard Sentore, Vice Governor, Banque de la République du Burundi; Mrs. Jacinta W. Mwatela, Deputy Governor, Central Bank of Kenya; Distinguished Delegates; Ladies and Gentlemen: On behalf of the Central Bank of Kenya, and on my own behalf, I take this first opportunity to warmly welcome each and every one of you to Nairobi, Kenya, and to the Kenya School of Monetary Studies (KSMS), in particular.