BIS Review 44/2006  3  Norges Bank seeks to set the interest rate with a view to achieving a reasonable balance between the objective of stabilising inflation at target and the objective of stabilising developments in output and employment. Interest rates are projected to increase gradually in the years ahead, up to a more normal level. Interest rates are also expected to increase in other countries. Capacity utilisation in the Norwegian economy is now fairly high and will contribute to bringing inflation up towards the target in the course of the next 2-3 years. In the account presented after the monetary policy meeting of the Executive Board on 26 April, it was stated that there are prospects of another interest rate increase in the second quarter – at the monetary policy meeting in May or June – and a further increase thereafter. In addition to projecting developments, we wish to highlight the uncertainty surrounding developments ahead. The projections for the interest rate and other economic variables are based on incomplete information about the current economic situation and the functioning of the economy. Allow me to summarise: The fall in prices for imported goods and services and the increase in export prices have provided the Norwegian economy with an appreciable income boost. The mainland economy has expanded rapidly in recent years. At the same time, inflation has remained low. Increased efficiency and ample supply of labour has made a contribution in this context. This situation is now changing. There are now limited idle resources.

Regional seminar of the International Financial Corporation and Bank Al-Maghrib on  “Utilization of Public Credit Registry data for the Central Bank’s institutional functions”  Rabat, February 22, 2018 -----------------------Opening remarks by Mr. Abdellatif Jouahri Governor of Bank Al-Maghrib ------------------------  Excellency the Ambassador of Japan, IFC Country Manager for the Maghreb region, Ladies and gentlemen, It gives me great pleasure to welcome you today to the Bank Al-Maghrib training center in Rabat for this seminar on the “Utilization of Public Credit Registry data for the Central Bank’s institutional functions”. I would first like to express my sincere thanks to all the participants and speakers for having accepted our invitation, and more particularly to the IFC representatives, Mr. Xavier REILLE and Mr. Oscar MADEDU, and their team here for their valuable contribution to preparing this meeting. I would also like to give special thanks to His Excellency Ambassador Takuji HANATANI and through him the Japanese Government, which has made a vital contribution to developing credit information-sharing infrastructure in Morocco. The relevance of this meeting lies in the sharing of experiences between the participating experts. The seminar panels, scheduled throughout the day, will set the stage for fruitful discussions between:    central banks which are well advanced in terms of operating credit registries or which are starting to set them up, on the one hand; and those which are preparing to meet the new challenges such registries impose in terms of micro and macro-prudential supervision and monetary policy, on the other hand.