•  Transactions are carried out in any of the EAC local currencies hence reducing (cost of transactions) and risk of the transactions. Since go-live, a volume of 1106 transactions have successfully been processed through EAPS. The value processed in the three EAC currencies is Ksh.1.6B, Ugx.9.9B and Tzs.2.5B. On average 10 EAPS transactions are processed per day.
No policy rule or macro-model can do justice to the complexity of these interactions. So, it is only for the sake of clarity that I am using the stylised policy rule stated in equation number two on my slide. According to this simplistic representation, the central bank changes the overnight policy interest rate by considering two conditions.