After agreeing on the appropriate stance of monetary policy, MPC turned to the tactical decision of where to set the OCR at the May meeting, and decided to cut the OCR by 25 basis points to provide a more balanced outlook for interest rates. This brings us to discuss the future.
I am happy to report that significant progress has been made to harmonize monetary policies & frameworks, and macroeconomic statistics. Similarly, much effort has gone into modernizing and integrating payment systems, including financial markets infrastructure. We are now moving on towards full convertibility of EAC currencies.