, for the time being, the main scenario for the euro area remains that economic growth is expected to return to rates close to potential in the course of 2003. in fact, this expectation is consistent with all forecasts published by international organisations. private forecasters, on the whole, also seem to share the same view. moreover, financial markets have shown signs of stabilisation in recent weeks following a period of considerable turbulence. the expectation of an improvement in economic activity in the euro area is contingent on a recovery of growth in private consumption, supported by a reduction in actual and perceived inflation rates. this expectation is also based on a projected gradual recovery of the world economy and export growth which, together with the low level of interest rates, should help to strengthen investment. nevertheless, the uncertainty surrounding this scenario remains high. it is therefore very difficult, at this juncture, to predict the timing and strength of the economic upswing, both in the euro area and globally. turning to recent price developments, in september annual hicp inflation was 2. 1 %. for october, eurostat's flash estimate indicates an annual hicp inflation rate of 2. 2 %. this increase is again likely to reflect developments in energy prices, although no detailed information is available at present. looking at price developments for the remainder of 2002 and the early part of next year, despite the recent decline in oil prices, some upward impact may occur reflecting base effects and country - specific developments - such as increases in indirect taxes or specific developments in services prices. although difficult to anticipate, particularly due to the volatility of oil prices, a further increase in the annual rates of inflation around the turn of the year and a delay in the return to inflation rates below 2 % cannot be ruled out. however, this further increase should only be temporary. beyond the very short term, we consider that both the euro exchange rate, which has strengthened since early this year, and the overall economic environment are still contributing towards reducing inflationary pressure. moreover, there should also be a further unwinding of the indirect effects of previous increases in oil prices and other factors that have added to the stickiness of the annual rate of hicp inflation excluding unprocessed food and energy prices. however, for inflation rates to fall below 2 % in the course of 2003 and to remain in line with price stability thereafter, as indicated by recent forecasts, it is crucial that oil prices do not increase sharply again and that the upward

ground breaking ceremony of the new barclays bank zambia plc head office speech by dr. denny h. kalyalya governor – bank of zambia thursday, june 6, 2019 lusaka, zambia ground breaking ceremony of the new barclays bank zambia plc head office funded by the absa group limited, speech by dr. denny h. kalyalya, governor – bank of zambia – 6 june 2019 the absa group ceo, mr rene van wyk ; the director, bank supervision department, boz, ms. gladys mposha ; the director, economics department, boz, dr. francis chipimo ; the deputy group ceo and ceo absa regional operations, mr peter matlare ; deputy ceo, absa regional operations & chief operating officer absa cib, mr temi ofong ; the barclays bank zambia board chairperson, ms chishala kateka ; the barclays bank zambia managing director, mrs mizinga melu ; executives from absa group ; representatives from sunshare ; staff from boz ; management and staff of barclays bank zambia plc ; distinguished invited guests ; and members of the press. it is my great pleasure to officiate at this ground - breaking event of barclays bank zambia plc new head office. distinguished guests, the construction of the new head office for barclays bank zambia plc, which will be rebranded as absa bank zambia from next year, is a demonstration of the efforts and commitment by absa group limited to become a pan - african organisation, that is interested in the sustainable development of the financial sector and the economies of the countries they operate in. ladies and gentlemen, this event, also marks a new chapter for one of zambia ’ s oldest banks. barclays bank zambia has been in the country for over a century having opened its first branch in june 1918. today, the bank has a widespread presence across the country with 41 branches, 103 atms, and other digital service delivery channels. it employs in excess of 800 staff. distinguished guests, barclays bank zambia is one of the biggest banks in the zambian banking industry and plays a significant role in the market through the various products and services as just indicated. it is our expectation that absa group limited, the parent company of barclays bank zambia plc, will continue to build on the foundation and heritage that has been established over the last century. the bank is expected to remain a committed partner in driving financial sector development and supporting the country ’ s