Monetary Policy Committee

Role and Legal Status

The Monetary Policy Committee is the organ of the Central Bank of Kenya responsible for formulating monetary policy. The Committee was formed vide Gazette Notice 3771 on 30th April 2008 replacing the hitherto Monetary Policy Advisory Committee (MPAC)

Membership
The membership of the MPC is as follows:

  • The Governor, who is the chairman;
  • The Deputy Governor, who is the deputy chairman;
  • Two members appointed by the Governor from the Bank. One being a person with executive responsibility within the Bank for monetary policy analysis (Director of Research Department) and the other is a person with responsibility within the Bank for monetary policy operations (External Payments and Reserves Management);
  • Four external members who have knowledge, experience and expertise in matters relating to finance, banking, fiscal and monetary policy, who are appointed by the Minister for Finance. Currently these members are: Prof. Terry C. I. Ryan, Ms. Sheila M’Mbijjewe, Prof. Francis Mwega and Mrs. Farida Abdul.
  • The Permanent Secretary, Ministry of Finance, or his designated alternate as representing the Treasury. The Treasury representative is a non-voting member o the committee.

Each external member of the Committee serves for a term of three years which is renewable once.

Meetings
The Chairman of the MPC convenes a meeting of the Committee at least once every two months and will convene an additional meeting if requested in writing by at least four members. The quorum for meetings of the Committee is five members, one of whom must be the Chairman or Vice-Chairman. The decisions of the Committee in these meetings are communicated to the public through Press Releases from the Chairman.

Statutory Requirements
At least once every six months the Committee prepares and submits a report to the Minister for Finance with respect to its activities. The Minister presents the Report to the National Assembly. In addition, the MPC is responsible for preparation of the bi-annual Monetary Policy Statement of the Bank. The Committee is supported by a secretariat, responsible for the information flow between itself and the rest of the Departments of the Bank.

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