BIS central bankers’ speeches  7  With supervision by WAMI and funding from the African Development Bank (AfDB), the following payments system reforms are at various stages of implementation:   The infrastructure of the Bank is being upgraded to state-of-the art IP-based data communication networks, supported by a reliable uninterrupted power supply;    The state of preparedness of the commercial banks for connectivity to BSL in a bid to ensure the efficiency of the payments system is in the process of being reviewed;    The payments system components of core banking application, automated cheque processing (ACP), automated clearing house (ACH), real time gross settlement and scriptless security settlement are currently being deployed;    The proposed deployment, by a private company, of fibre optic for connectivity between the commercial banks and the Bank of Sierra Leone is in progress. Financial Inclusion for poverty reduction and growth promotion Your Excellency, distinguished ladies and gentlemen, the Bank seeks in its operations to go beyond monetary policy to promote poverty reduction, create employment and growth through enhancing access to finance in the rural areas which constitute a significant proportion of the economy. The Bank welcomes the growth in the number of microfinance institutions (MFIs), Financial Services Associations (FSAs), the opening of new branches of banks and the introduction of mobile banking in a move to improve rural financial intermediation. As the number of these institutions increases, the challenge would be to effectively supervise and regulate them.

Hamad Al-Sayari: Challenges posed to investment in Saudi banks Speech by His Excellency Hamad Al-Sayari, Governor of the Saudi Arabian Monetary Agency, to the Symposium on Challenges Posed to Investment and Saudi Banks, Riyadh, 2 December 2006. *  *  *  Dear Audience, At the beginning, I would like to welcome all honorable attendance. It gives me a great pleasure today to address you at the outset of the deliberations of this symposium on "Challenges Posed to Investment and Saudi Banks in an Environment of Global Economic Openness" which is convened at a time the Kingdom is witnessing a period of economic growth accompanied with and enhanced by steps of economic reforms in the fields of streamlining of regulations, restructuring of the national economy, and approval of a number of mega development projects as well as the accession to the World Trade Organization which is an important step towards enhancing integration into the world economy, coping with economic developments, and attraction of foreign investments apart from accession to global markets which will be reflected on the competitive capacity of the national economy. Dear Audience, The current Symposium is being held in a promising economic environment in this country. The Kingdom has recorded outstanding economic results. The real gross domestic product rose by 6.5 percent in 2005. This growth rate was reflected on almost all sectors of the economy which is characterized by strong investment. International rating agencies recorded their appreciation and certified the efficiency and strength of the national economy.