mark carney : summary canada ’ s latest monetary policy report opening statement by mr mark carney, governor of the bank of canada, at the press conference following the release of the monetary policy report, ottawa, 22 october 2009. * * * good morning. paul and i are pleased to be here with you today to discuss the october monetary policy report, which we published this morning. • recent indicators point to the start of a global recovery. economic and financial developments have been somewhat more favourable than we expected in july, although significant fragilities remain. • in canada, as expected, a recovery in economic activity is also under way, following three consecutive quarters of sharp contraction. • this resumption of growth is supported by monetary and fiscal stimulus, increased household wealth, improving financial conditions, higher commodity prices, and stronger business and consumer confidence. • however, heightened volatility and persistent strength in the canadian dollar are working to slow growth and subdue inflation pressures. the current strength in the dollar is expected, over time, to more than fully offset the favourable developments since july. • given all these factors, the bank now projects that, relative to our july report, the composition of aggregate demand will shift further towards final domestic demand and away from net exports. we now expect growth to average slightly lower over the balance of the projection period. • the bank projects that the canadian economy will contract by 2. 4 per cent this year and then grow by 3. 0 per cent in 2010 and 3. 3 per cent in 2011. this projected recovery will be somewhat more modest than the average of previous cycles. • total cpi inflation declined to a trough of - 0. 9 per cent in the third quarter, reflecting large year - on - year drops in energy prices. total cpi inflation should rise to 1. 0 per cent this quarter, while the core rate of inflation is projected to reach its trough of 1. 4 per cent during the same period. • owing to the substantial excess supply that has emerged in the economy, the bank expects both core and total inflation to return to the 2 per cent target in the third quarter of 2011, one quarter later than we projected in july. • the main upside risks to inflation relate to the possibility of a stronger - thananticipated recovery in the global economy and more robust canadian domestic demand. • on the downside, a stronger - than - assumed canadian dollar, driven by global portfolio movements out of u. s. - dollar assets,

mary c nkosi : information and communications technology in the sadc region opening speech by mrs mary c nkosi, deputy governor of the reserve bank of malawi, at the 2007 sadc ict forum conference, mangochi, 14 may 2007. * * * the chairman of the sadc ict forum, mr paulo maculuve the executive director, corporate services the ict directors from the sadc central banks representatives of hardware and software suppliers members of the press distinguished ladies and gentlemen on behalf of the governor, who is not able to be with us this morning due to other prior engagements, i am pleased to warmly welcome all of you here today. i would most especially like to extend a special welcome to our distinguished delegates from sister central banks within the sadc region. i would also like to recognize representatives of hardware and software suppliers who are amongst us this morning. mr chairman and distinguished delegates, it is pleasing to note that the sadc information and communications technology ( ict ) forum will this year be celebrating its 10th anniversary. malawi has therefore been fortunate enough to host this conference in this memorable year. as you are all aware, information and communications technology ( ict ) has become a critical facet for the day to day operations in all our central banks. the rapid evolution of ict, which is generally called the “ ict revolution ”, has been exerting a profound impact on the world ’ s economies. as we all can acknowledge, technological innovation has brought about the speedy processing and transmission of information, resulting in substantial reduction in costs, wider networking, and globalization on an unprecedented scale and scope. undoubtedly, ict has affected a varied range of industries world wide, and the banking industry and central banks in particular, have benefited greatly from this ict revolution. mr chairman and distinguished delegates, the central banks within the sadc region have registered unprecedented developments and advances in the areas of payment systems, website development, and banking supervision application, just to mention a few areas which are projects emanating from the sadc ict forum. these projects have been possible and successfully implemented largely due to the co - operation and collaboration that exists between the central banks in the region. the issues that will be discussed at this conference are very important in the context of the realization of some of the key objectives of our central banks that can be achieved through sound implementation of the ict functions. this conference therefore offers all of us various opportunities to effectively contribute to positive developments of our central banks. i am informed that one of the notable important projects