This is a key aspect of the East Africa Community’s monetary and financial convergence criteria, and this has also enhanced our capability to respond to external shocks. For example, we now rely substantially on treasury securities sales and the use of repurchase agreement (repo) operations for the transmission of monetary policy.
We also have developed our domestic debt markets and have seen a more diverse group of investors – including our pension funds, regional asset managers and non resident nationals and local retail investors – whom are increasingly investing for the long term.