To discourage banks from relying on the discount window rather than private funding markets for short-term credit, last week we also increased the discount rate by 25 basis points, raising the spread between the discount rate and the top of the target range for the federal funds rate to 50 basis points.
It is only appropriate at this juncture to recognize, Ladies and Gentlemen, the critical role that the EAC Secretariat has played in providing an elaborate roadmap on how statistical harmonization can be achieved within the EAC region.