Kenya: Technical Assistance Report-Monetary and Financial Statistics Mission (December 3–14, 2018)
IMF Staff Country Reports, January 29, 2020
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- Kenya: Technical Assistance Report-Monetary and Financial Statistics Mission (December 3–14, 2018)
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Bibliographic details
- Published: January 29, 2020
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781513528403.002
Mission scope and context
- Publication date: January 29, 2020
- Mission dates reviewed: December 3–14, 2018
- Prior MFS mission referenced: January 2017
- IMF’s Statistics Department review of provisional data reported: August of 2017
- Pages: 20
- Volume: 2020
- Issue: 030
- Series: Country Report No. 2020/030
- DOI: https://doi.org/10.5089/9781513528403.002
- Stock No: 1KENEA2020002
- ISBN: 9781513528403
- ISSN: 1934-7685
Key findings
- The Central Bank of Kenya (CBK) made significant progress in collaborating with other financial sector regulatory authorities by forming the Technical Working Group and holding regular meetings.
- The CBK improved coordination with other regulatory authorities to cooperate and collaborate on the compilation of monetary and financial statistics (MFS), addressing prior mission recommendations.
- With source data available for deposit-taking SACCOs and microfinance banks (MFBs), the CBK produced initial provisional data for the standardized report form for other depository corporations (SRF 2SR).
- Coverage for SRF 2SR was expanded to include data from deposit-taking SACCOs and MFBs which were reported to IMF’s Statistics Department for review in August of 2017.
Analysis of implementation
- Progress noted relative to recommendations from the January 2017 MFS mission centered on inter-agency coordination and expanded sector coverage.
- The establishment and operation of a Technical Working Group was instrumental in advancing data-sharing and compilation practices across regulatory authorities.
- The availability of source data from deposit-taking SACCOs and MFBs enabled the CBK to produce provisional 2SR series, improving the comprehensiveness of MFS.
Recommendations and action planning
- The mission recommended a detailed action plan that specifies different priority recommendations to support continued progress across work areas.
- Priority areas implied by findings include:
- Continued strengthening of collaboration mechanisms among CBK and other financial sector regulators via the Technical Working Group.
- Finalization and institutionalization of data reporting arrangements for deposit-taking SACCOs, MFBs, and money market funds to sustain and improve SRF 2SR coverage.
- Implementation timeline and responsibilities to operationalize the detailed action plan (detailed action plan recommended by the mission).
Thematic coverage and subjects
- Standardized report form expanded coverage: SRF 2SR including savings and credit cooperatives (SACCOs), microfinance banks (MFBs), and money market funds.
- Subject areas noted on the publication: Commercial banks, Economic sectors, Expenditure, Financial institutions, Financial sector, Insurance companies, Mutual funds, Pension spending.
International Monetary Fund. Statistics Dept. "Kenya: Technical Assistance Report-Monetary and Financial Statistics Mission (December 3-14, 2018)", IMF Staff Country Reports 2020, 030 (2020).
Content in this bundle
- 1. Priority Recommendations