boosting broad based growth. on the financial sector front, the central bank in conjunction with the government will scale up reforms to enhance the sector ’ s competitiveness, efficiency, access and stability as well as making kenya a financial hub in the medium term. the banking sector is also expected to continue with its ’ excellent performance underpinned by regional expansion and lowered cost of business as the various reforms take root. looking ahead for monetary policy, the priority is to reverse inflation and inflationary expectations and exchange rate volatility to protect the economic growth base. tight monetary policy will be sustained until inflationary pressures have been reversed and the foreign exchange market stabilized. from a historical perspective, we have seen the same measures work and we still have confidence it will work in 2012. the bank will also continue with regular interactions with key stakeholders including market players to enhance the effectiveness of the transmission mechanism of monetary policy and other policy strategy actions. in closing, ladies and gentlemen, let me thank you all for the support and cooperation in developing the financial sector. i look forward to more fruitful collaboration and partnership going forward and in addressing any challenges facing the sector. lastly, let me end by wishing you all a happy holiday season and fruitful 2012. thank you. bis central bankers ’ speeches

njuguna ndung ’ u : credit information sharing to enhance financial sector development address by prof njuguna ndung ’ u, governor of the central bank of kenya, at the launch of the banking credit information sharing implementation project, nairobi, 27 august 2009. * * * mr. martin oduor - otieno, chairman, kenya bankers association ; mr. john wanyela, executive director, kenya bankers association ; chief executives of commercial banks here present ; distinguished guests ; ladies and gentlemen : i am pleased to join you this morning on this important occasion to launch the banking credit information sharing project. allow me therefore to extend my gratitude to the kenya bankers association for facilitating this project and the invitation. the importance of this function cannot be overemphasised and i am delighted at the excellent turnout of the banking fraternity. the banking ( credit reference bureau ) regulations 2008 were published in july 2008 and launched at this very venue in september 2008. the regulations paved the way for the licensing and surveillance of credit reference bureaus ( crb ) by the central bank of kenya. these bureaus will collate credit information from institutions licensed under the banking act. i am pleased to report that since the regulations became operational in february 2009, there has been considerable interest by potential investors. i do believe that interest is for those who cherish the importance of the development of information capital. the central bank has so far received three applications for crb licenses, two from local investors ( credit reference bureau africa and metropol ) and one from a south african based regional player – compuscan. accordingly the central bank has this week issued a letter of intent to the first applicant, credit reference bureau africa. this is an approval in principle to conduct credit reference bureau business. the bureau will commence operations on completion of an independent third party system and security audit and an onsite inspection by cbk. the letter of intent was granted after a detailed due diligence of the application to ensure all statutory and prudential requirements were met. the central bank wishes to reassure kenyans that it shall rigorously assess all applications to ensure the integrity of the envisaged credit information sharing mechanism. ladies and gentlemen : the launch of this project today by the banking sector is therefore very timely. the overarching objective of the project is to co - ordinate the efforts of all players so as to build a sustainable and holistic information sharing mechanism. the central bank renders its full support