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.

Equally important are the risks associated with the circulation of banknotes and coins and the lesser value means of payment that are part of the day to day lives of every Chilean. The autonomy of the Central Bank also means that the quality of its institutional management is a special responsibility. Although it is not part of the State’s administration, it is equally owned by every Chilean, who rightfully demand an efficient use of their resources. To undertake all these tasks, it is important to recognize that trust in a central bank also rests on its prudence. An institution responsible for price stability and financial stability cannot afford to improvise or experiment. In this regard, it is important to acknowledge the potential, but also the limits of monetary policy. In particular, we must reaffirm that it does not have the capacity to affect the mediumterm trends of the economy and not even completely eliminate the cyclical variations that affect it. Our main contribution to the country’s development is, in line with the mandate of our Organic Law, to keep inflation low and stable, reducing economic volatility and financial risks, with the expectation that by reducing uncertainty we will facilitate investment, employment and consumption decisions that shorten the cycle. The right mix of prudence and determination is not easy to calibrate. Prudence is necessary to correctly assess the implications of changes in the economic environment, resisting the temptation to look for the easy way out, which can prove very costly in the medium term.