Central Bank of Kenya upgrades nowcasting platform
Package of forecasting reforms is part of ongoing policy “modernisation”
The Central Bank of Kenya (CBK) has upgraded its nowcasting platform as part of wider reforms to forecasting in its ongoing monetary policy “modernisation” process.
A key change to the platform involved the adoption of an automated system for evaluating the accuracy of nowcasts, which the bank produces for consumer price inflation and real GDP growth.
The developments were supported by a team from the International Monetary Fund. In a report published on August 7, IMF staff said the upgraded
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