Nor is it to identify money growth as an intermediate target for monetary policy. It is not. The purpose of the reference value is to allow money growth to serve as a potentially useful information variable – a potential signal of inconsistency between prevailing policy and the medium-term inflation objective.
Ladies and Gentlemen: The Kenyan Mobile Phone Financial Services story has become a much acclaimed global case study. To date, over 17.8 million Kenyans transfer over Ksh.3.1 billion to each other daily with over 1.1 million transactions.