When looking at the Federal Reserve’s Summary of Economic Projections (SEP), it is striking that the Committee’s median projection of the longer-run federal funds rate has moved down from 4-1/4 percent to 2-1/2 percent over the past seven years. 7 A similar decline can be seen among private forecasts.
These measures demonstrate that as we push the frontiers of financial inclusion, we are also taking the requisite steps to ensure that the measures put in place take into account the need to safeguard the integrity of the financial system. 12. In November 2011, Parliament enacted the National Payments System Act. This Act provides CBK with oversight of the national payments system.