financial market environment. however, we need to take appropriate measures to address any emerging risks and mitigate any potential impact to the financial system stability. 6. uses : the survey data and findings can be used by various stakeholders ’ to further enhance financial inclusion and promote the sector ’ s development. i urge you all to design ways to enhance dissemination to minimize administrative burden and ease access to allow majority of kenyans to use the information. 7. despite the progress made in the financial inclusion front in the last 10 years, i believe that large gaps still remain in formal financial inclusion across regions, income groups, age, education and gender in the country. • in order to enhance financial inclusion to reach a wider population across the country, supportive policy strategies and innovations coupled with a strong and proportionate supervisory and risk management frameworks are necessary. • moreover, the need for financial education and literacy programmes to the population by both the public and private sector is vital, which should be underpinned by sound market conduct practices including financial services consumer protection measures. 8. at this point, let me invite you to listen and learn from today ’ s presentations of the survey findings and urge you to make use of the information and build - upon the same to expand the financial inclusion landscape. with these few remarks, i welcome you to this breakfast launch event of the key findings of the 2016 finaccess household survey and wish you fruitful deliberations. the survey report is, therefore, officially launched. thank you! bis central bankers ’ speeches

is not under the direct control of monetary policy, and it is not our objective. we target a 2 per cent inflation rate. that means that it is the outlook for overall inflationary pressure and related risks that matters most when we consider the appropriate stance for monetary policy. so even if only a few sectors were expanding enough to absorb the excess capacity in the aggregate economy, we would need to take the appropriate monetary policy action to meet our inflation target. so let us look at how the economy has been performing recently. signs that growth is broadening when we assess the extent to which the sources of growth are broadening, we look at the economy from a number of perspectives. these include the progress made in adjusting to lower oil prices, the range of industries that are growing and the evolution of the labour market. as i discuss each in turn, i will point to some signs that growth is broadening across regions and sectors, although not to the same extent. adjustment to lower oil prices let us start with the adjustment to lower oil prices. in 2015 and 2016, the starkest effects of the drop in oil prices on gdp were in business investment. firms in the oil and gas sector cut capital spending in half, shutting down oil rigs and cancelling investment plans. investment in the rest of the economy was also subdued, in part as a result of the weakness in non - commodity exports, especially last year. the economy kept growing, thanks to household spending, and activity was concentrated in regions where the energy sector was not as important. today, as we move past the adjustment to lower oil prices, we are seeing the economy pick up. a couple of weeks ago we got the national accounts data from statistics canada for the first quarter of this year. it was pretty impressive, with growth at 3. 7 per cent. and the figures show business investment growing again. this is in large part because capital expenditures in the oil and gas sector have bounced back. that is good news. that said, investment growth in this sector is likely to moderate if oil prices stay around where they are today. more generally, ongoing uncertainty about the policies of the us administration is weighing on investment plans. and, given how business investment has declined in the past two years, we flagged it as one of the downside risks to the outlook in our april monetary policy report. growth in the first quarter was also fuelled by the usual suspects — consumer spending and residential investment. however, growth in the housing sector is