The first two post-war decades, for example, when inflation was low, were considerably more stable than the 1970s and 1980s, when inflation was left to rise and there was a series of devaluations, with negative effects on productivity and growth. Moreover, the higher the rate of inflation, the more likely it is that the rate will fluctuate, which accentuates the uncertainty about future inflation. Savers and creditors then require higher compensation for risk: besides compensation for the expected rate of inflation, they will demand a premium for the degree of uncertainty about future inflation. This means higher real interest rates, which weaken the propensity to invest. Furthermore, the more inflation fluctuates and is difficult to forecast, the greater will be its arbitrary and random effects on the distribution of income and wealth. Inflation tends to redistribute from savers and lenders to borrowers, from those with fixed nominal incomes to those who pay such incomes, and so on. Clearly, such arbitrary redistributional effects are hardly in line with a distribution policy based on fairness. 2. Developments since the crisis Several years of good growth Since the upturn from the profound crisis in 1991-93, economic growth in Sweden has averaged 2.8 per cent, which is higher than we were accustomed to in the inflationary 1970s and 1980s. Moreover, the composition of growth has been favourable, with exports and investment predominating (Diagram 1). It should be underscored that this has been accompanied by the lowest level of inflation for decades.

Ladies and Gentlemen It is a continuing concern of all key stakeholders that provision of financial services in rural areas continues to be significantly lower than in urban areas. This has constrained the rural populace from access to savings products. This largely on account of poor infrastructure coupled with low literacy levels. As of June 2020, 39 out of the 116 districts in the country, did not have either bank branches or agents. It is from this backdrop that the Bank of Zambia, the Ministry of Finance and National Planning and the Ministry of Health, commenced an initiative to help accelerate rural financial inclusion in Districts by promoting the use of health facilities as general access  2/4  BIS - Central bankers' speeches  points for financial services. The General Access Point Inspection Report was presented during the dissemination workshop on 13 September 2022 and is available for detailed information. Ladies and Gentlemen The implementation of the National Strategy on Financial Education requires the united responsibility of the financial sector. This has been demonstrated by the Pensions and Insurance Authority, the Insurers Association of Zambia as well as Securities and Exchange Commission and the Capital Markets Association of Zambia who successfully launched the Insurance Week under the theme "Insurance-Solutions for a better tomorrow" and World Investor Week under the theme "Learn more about Investor resilience and sustainable finance" earlier this month. I am confident that the key messages disseminated during these events will contribute to raising the levels of financial literacy in the country.