. therefore, they can lend without solely relying on hard information. going forward, we will use a consultative approach between all players in determining an acceptable blend between local and foreign ownership. this quest for domestic ownership and management control should, therefore, be viewed as one of the strategies for a more inclusive financial system without compromising financial stability and market - based systems. director of ceremonies, you maybe asking yourself, why are we here this evening when the bank of namibia has figured it all out already? financial inclusion is not a one - person show. its success will depend on the presence of an institutional environment with clear lines of accountability and coordination between government, regulators, financial institutions, and other key stakeholders. it will be a fruitless exercise if regulators ’ efforts to make relevant and enabling regulations are not matched by the corresponding responses from the financial institutions. i believe that the time has come for more concerted efforts by all stakeholders to tackle the challenge of financial inclusion as we navigate our way towards the ideals of vision 2030. this calls for financial institutions to come up with alternative and sustainable business models. it further calls for regulators to provide an enabling environment, which does not compromise financial stability. it calls for government to play a supporting role. in this regard, our government should work towards making property rights in communal areas fully tradable, like in the rest of the country. this will go a long way in facilitating access to finance for our people. it is my wish that in five years time, property rights in rural areas will have same status as those in windhoek. all in all these need a coherent coordination framework at the national level. ladies and gentlemen, it is my hope that each relevant institution represented here this evening will start internal conversations on financial inclusion. i trust that the conversation will result in financial inclusion strategies and relevant actions. the bank of namibia will in the coming year communicate its concrete plans as guided by our four - point agenda on financial inclusion. we will also put forward ideas on how best to improve coordination of the financial inclusion strategy. let me conclude by quoting the former un secretary - general, kofi annan, who in 2003 said the following : “ the stark reality is that most poor people in the world still lack access to sustainable financial services, whether it is savings, credit or insurance. the great challenge before us is to address the constraints that exclude people from full participation in the financial sector. together, we can and must build inclusive financial sectors that help people improve

the effective lower bound, monetary policy toolkits have become highly diversified. the past fifty years have brought not only new challenges but also new opportunities. society has become increasingly and widely digitalized. in addition to the advances in the use of alternative data and improvements in computing power, large - scale language models are rapidly developing. there has also been a rapid expansion in the type and amount of information and in the information technology and communication channels available to central bankers. they are all new opportunities for monetary policy. 1 / 4 bis - central bankers'speeches here, i will review the discussion about the great inflation and give an overview of the new challenges and new opportunities. ii. lessons from the great inflation in the 1970s, and new challenges lessons from the great inflation in the 1970s first, i would like to touch upon two lessons learned from the great inflation in the 1970s. one is the importance of identifying the causes of inflation. the great inflation occurred during a period that included two oil crises, and its causes are sometimes associated with cost - push factors. however, there are strong arguments that for some countries, including japan and the united states, accommodative monetary policy and the subsequent excess increase in demand played a major role. whether inflation is caused by demand or supply has very important implications for monetary policy making. theoretically, in response to demand - driven inflation, policy tightening is desirable to reduce excess demand and contain inflation. in response to supply - driven inflation, central banks'decision making faces the difficult dilemma between considerations of economic activity and the need to tackle surging inflation. taking the current increase in global inflationary pressure as an example, it has been pointed out that the increase in inflationary pressure has been caused by supply factors such as a rapid rise in commodity prices, labor shortages, and disruptions to supply chains. it may have been influenced also by demand factors, including the effects of expansionary fiscal and monetary policy measures and the pent - up demand after the spread of pandemic. in addition, the impact of these factors may appear with some lags. identifying the factors in real time is an even more difficult task. in light of these points, it is extremely important to carefully analyze various indicators and examine the underlying trend in prices. the other lesson from the great inflation is the importance of stabilizing inflation expectations. there are studies that point out that sudden and significant rises in inflation expectations occurred at the outset of the great inflation period. in theory, of course