save the interaction between the rates and capital ratio hinting thereby that well capitalized banks tend to invest in Government securities. DISCUSSION Governors pointed out that the prevailing commercial banks preference in most member countries to buy Treasury Bills rather than lending to the private sector has a crowding out effect and complicates the transmission mechanism especially the bank lending channel. It was observed that, it is important to address the transmission channel of monetary policy from bank credit to the ultimate target (inflation). The paper was, therefore, considered as work in progress. The Central Bank of Kenya offered to share experiences with the author as he proceeds in the finalization of the paper. Governors asked the author to share the final paper with all member Central Banks. Any Other Business (Agenda item 6) Governors thanked the Kenya School of Monetary Studies for offering to organize a training in 2016 on Corporate Governance for Central Banks in collaboration with US Department of Treasury and CMI. Governors noted with concern the prevailing turbulence in exchange rate of currencies in a number of member countries. Governors decided that CMI should organize a workshop in 2016 for central banks experts to share experiences on the measures they are putting in place to mitigate the adverse effects of exchange rate volatility of currencies in their economies. Adoption of the Report and Closure of the Meeting (Agenda item 7) The meeting adopted the report with amendments. Dr. Deputy Governor-Operations, Bank of Zambia, Bwalya K.E. Ng’andu, passed a vote of thanks. In his statement, he thanked all Governors and delegates for their active participation and the Chairman for the excellent manner in which he steered the meeting. He also thanked the Secretary General of COMESA for his tireless efforts in enhancing integration in COMESA. He further expressed his appreciation to the COMESA Clearing House and the COMESA Monetary Institute for the high quality reports produced and for the efficient manner in which the meeting was serviced. further emphasized the importance of diversification of exports, Dr Ng’andu fiscal discipline, capacity to mitigate the negative effects of external shocks and the implementation of REPSS. He said that all the above would enhance regional integration. He wished Governors and delegates safe journeys back home. In closing the meeting, the Chairman also thanked Governors and the delegates for their valuable contribution and wished them safe journeys back home.
save the interaction between the rates and capital ratio hinting thereby that well capitalized banks tend to invest in Government securities. DISCUSSION Governors pointed out that the prevailing commercial banks preference in most member countries to buy Treasury Bills rather than lending to the private sector has a crowding out effect and complicates the transmission mechanism especially the bank lending channel. It was observed that, it is important to address the transmission channel of monetary policy from bank credit to the ultimate target (inflation). The paper was, therefore, considered as work in progress. The Central Bank of Kenya offered to share experiences with the author as he proceeds in the finalization of the paper. Governors asked the author to share the final paper with all member Central Banks. Any Other Business (Agenda item 6) Governors thanked the Kenya School of Monetary Studies for offering to organize a training in 2016 on Corporate Governance for Central Banks in collaboration with US Department of Treasury and CMI. Governors noted with concern the prevailing turbulence in exchange rate of currencies in a number of member countries. Governors decided that CMI should organize a workshop in 2016 for central banks experts to share experiences on the measures they are putting in place to mitigate the adverse effects of exchange rate volatility of currencies in their economies. Adoption of the Report and Closure of the Meeting (Agenda item 7) The meeting adopted the report with amendments. Dr. Bwalya K.E. Ng’andu, Deputy Governor-Operations, Bank of Zambia, passed a vote of thanks. In his statement, he thanked all Governors and delegates for their active participation and the Chairman for the excellent manner in which he steered the meeting. He also thanked the Secretary General of COMESA for his tireless efforts in enhancing integration in COMESA. He further expressed his appreciation to the COMESA Clearing House and the COMESA Monetary Institute for the high quality reports produced and for the efficient manner in which the meeting was serviced. Dr Ng’andu further emphasized the importance of diversification of exports, fiscal discipline, capacity to mitigate the negative effects of external shocks and the implementation of REPSS. He said that all the above would enhance regional integration. He wished Governors and delegates safe journeys back home. In closing the meeting, the Chairman also thanked Governors and the delegates for their valuable contribution and wished them safe journeys back home.