patrick njoroge : credit information sharing for innovation and financial inclusion speech by dr patrick njoroge, governor of the central bank of kenya, at the 3rd regional credit information sharing ( cis ) conference, nairobi, 23 february 2016. * * * mr. henry rotich, cabinet secretary, the national treasury ; dr. louis kasekende, deputy governor, bank of uganda ; dr. charity dhliwayo, deputy governor, reserve bank of zimbabwe ; mr. wagara melchior, 1st vice governor, bank of burundi ; representatives of the bank of mexico, bank of zambia, bceao ; representatives of the world bank and ifc ; mr. habil olaka, ceo, kenya bankers association ; mr. charles ringera, ceo higher education loans board & chairman, cis kenya distinguished guests, ladies and gentlemen : good morning. it is a great pleasure to be here with you today, to welcome all of you to the 3rd regional credit information sharing ( cis ) conference. in particular, i extend a special welcome to representatives of central banks from various countries around africa and from mexico. that we gather once again for the third regional conference is evidence that cis is increasingly becoming a critical aspect of the financial system. ladies and gentlemen : the theme of this conference “ cis for innovation and financial inclusion - mikopo kisasa! ” is indeed timely as it resonates with the objectives we have set to drive the kenyan financial sector. these objectives include innovation, lower cost of credit, transparency and disclosure. having an inclusive financial sector goes beyond mere access to financial services to include consumer protection and making sure that the duty of care owed by financial institutions to their customers is well executed. in addition, the provision of sufficient information to assist consumers in making informed financial decisions is a fundamental enabler in enhancing financial inclusion. as you are all aware, information asymmetry in the financial sector is very prominent and as such one of the hindrances to deeper financial inclusion. to eradicate this, transparency in the pricing of credit by commercial banks and other financial institutions cannot be over emphasized. it is in this regard that the central bank of kenya has started publishing the average lending rates for various loan products as well as the overall average weighted lending rates by commercial banks. this will enable the borrowing public to make informed borrowing decisions, which in turn will facilitate a competitive banking sector with high quality and reasonably priced products. i know that the topic of low cost of credit has been over

12. 10. 2022 economic prospects and impact on the financial system global managers meeting / kpmg paris margarita delgado deputy governor [ i am very pleased to join you at this global meeting to share my views on these challenging times and on how the current situation might affect the financial system in the near future. first of all, it must be acknowledged that our capacity to accept, digest and adapt to the shocks we have recently seen has been remarkable. at the same time, such profound and sudden changes mean that any forecast we publish becomes outdated very soon. you might agree with me that, nowadays, the only thing that is certain is that we live in uncertain times, and we must deal with this. let me start by briefly reviewing the economic situation and the outlook for the euro area. it is worth remembering that the current inflationary pressures first emerged in mid - 2021, right after the reopening of the economy following the global vaccination efforts, and have continued through to 2022. three factors have contributed to this. first, commodity prices started to increase, in part driven by the significant recovery in demand. second, supply bottlenecks began to emerge, mainly in maritime trade, but also in other sectors such as semiconductors, due to the post - pandemic rebalancing of consumer preferences that led to a demand push at a global level, as well as the emergence of supply - side constraints due, for example, to covid - related containment policies in key hubs, such as chinese ports. as a result, by the first quarter of 2022, inflation in the eu was already at its highest level since the creation of the monetary union. lastly, in this unstable scenario in which supply and demand had yet to adjust, the outbreak of war in ukraine fuelled further instability in the inflation outlook and hindered the economic recovery that was starting to take hold in early 2022. europe is particularly exposed to the economic repercussions of the russian invasion of ukraine. first, the continent has close commercial ties with ukraine, a supplier of primary goods such as grain, sunflower oil or corn. these products are widely used in the european agriculture, farming and food industries. second, and most importantly, russia continues to play a major role as an exporter of energy products to europe ( mainly oil and gas ), and remains of key importance for some european countries. russia is the euro area ’ s main supplier of natural gas and oil : in 2019