For this reason, it is common to construct a range of different ‘monetary aggregates’, from the more liquid narrower forms of money – such as M1, which includes currency and current deposits at banks – to ‘broad money’, which also captures less liquid deposits and other financial products that share the characteristics of money discussed earlier (Table 1; Graph 1); for example, broad money includes certificates of deposit or short-term debt securities.
Njuguna Ndung’u: Banking sector developments in Kenya Address by Prof Njuguna Ndung’u, Governor of the Central Bank of Kenya, at the official opening of the Nakuru Branch of Fina Bank Limited, Nakuru, 26 July 2007.