foreign direct investment is one avenue through which we can continuously achieve development without incurring additional debt. fdi under public - private initiatives should be explored more, as it could present a number of advantages for countries like the maldives. our level of indebtedness, and in particular, the level of public sector debt is something to always be mindful of. we have to evaluate our capacity to repay our obligations before incurring new debt in order to avoid walking into a debt trap. currently, the economy is performing exceptionally well, and it is during these times that we must take measures to get our financial affairs in order. we have to learn from the experience of other countries and think about what led them to fall into debt traps, and also identify what they did to escape those traps. we are in a position to tackle the issues the economy has been facing for years, and this opportunity should not be missed. in conclusion, i would like to once again thank the mpao for giving me the opportunity to speak here today, and applaud their efforts to make such excellent arrangements for the forum. assalaamu alaikum. 3 / 3 bis central bankers'speeches

governance arrangements necessary to ensure the central bank's control. these and other questions need to be explored before we can make a decision on the introduction of swiss franc wholesale cbdc. instant payments and retail cbdc my remarks so far have focused on the role of central bank money in wholesale settlements. however, technological change also affects electronic retail payments made by individuals and businesses. as i have outlined, these retail payments are ultimately settled by transfers of central bank money between commercial banks, highlighting the critical function of central bank money as the monetary anchor. with this in mind, the snb has upgraded its payment system to strengthen the role of central bank money for retail payments. last november, we launched a new version of the sic payment system that substantially improves the way retail payments are processed. in the future, individuals and companies will be able to make payments to each other, from account to account, within seconds and around the clock. by late summer of this year, at least 50 banks, together responsible for some 98 % of retail payments in switzerland, will be able to receive and process instant payments. this also lays a foundation for competition between different payment instruments and for innovations such as programmable payments. 3 / 4 bis - central bankers'speeches some central banks are also exploring the issuance of a digital form of cash as a retail payment instrument. the snb currently sees no need in switzerland for such digital central bank money for the general public, also known as retail cbdc. consumers and businesses already have access to a wide range of efficient and innovative payment instruments offered by the private sector. retail cbdc could fundamentally alter the current monetary system and the role of central banks and commercial banks, with farreaching consequences for the financial system. from a swiss perspective, the risks of retail cbdc currently outweigh its potential benefits. conclusion ladies and gentlemen, allow me to conclude : technology is re - shaping the monetary system. i have argued that – irrespective of the technology used – central bank money must maintain its role as the anchor of the monetary system and serve as a safe settlement asset that can be used efficiently for payments between financial institutions. in order to achieve this, central banks must make sure that central bank money and central bank payment systems reflect technological advances. helvetia iii, the snb's pilot for swiss franc wholesale cbdc, and the introduction of instant payments with the new version of sic are two concrete examples. i look forward to exploring this