IMF paper discerns East African transmission mechanisms

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An IMF paper examining the monetary policy frameworks in Kenya, Rwanda, Tanzania and Uganda finds "clear evidence" of a working transmission mechanism and argues that any deviations can be explained by differences in the policy regime in place.

"After a large policy-induced rise in the short-term interest rate, lending and other interest rates rise, the exchange rate tends to appreciate, output growth tends to fall, and inflation declines," according to The Monetary transmission mechanism in the

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