Preserving significant monetary stimulus At the beginning of March this year the Governing Council was faced with a delicate call. On the one hand, the economic expansion was clearly losing steam and the sagging economy threatened to slow the pace at which inflation was expected to climb back to our objective.
To date, our financial systems have experienced rapid financial innovation, driven mainly by advances in information and communication technology. Both the banked and unbanked public can move money and effect payments much faster and with greater convenience. Of all the innovations, mobile money growth has developed and proliferated across the region at such a remarkable pace that it should attract keener regulatory oversight.