arrivals surpassing 100, 000 for the second month since the reopening of our borders. arrivals statistics for august continue to come in strongly and based on our monitoring of high - frequency, daily tourist arrival data, monthly arrivals for august are likely to once again surpass 100 thousand. as of 21st august 2021, we have welcomed over 700, 000 tourists to our shores this year, and with the peak season still ahead of us it is likely that in the absence of further travel restrictions, total arrivals for the year will surpass 1 million. given the revival of the tourism sector and other economic sectors, our outlook for economic growth is positive. presently, we forecast that real gdp growth for 2021 will range between 17. 7 % in the most pessimistic scenario, to 30. 4 %. in the most optimistic scenario. our forecasts also indicate that, in the absence of future shocks, our current recovery trajectory is likely to bring economic activity back to pre - pandemic levels by the end of 2023. 1 / 2 bis central bankers'speeches our short - term inflation outlook is low and stable. following the volatility, and significant deflation of the cpi in 2020 – primarily due to domestic policy measures implemented by the government to alleviate some of the financial burden of the lockdown – we currently forecast that, if the policy environment does not change drastically, average cpi inflation for 2021 is likely to come in slightly under 2 %. we are closely monitoring incoming high and low - frequency macroeconomic indicators as we progress into the second half of 2021. while mindful of the downside risks to growth prospects, posed by the uncertainties surrounding the evolution of the pandemic, we remain cautiously optimistic about the steady progress that we are making towards a full recovery of economic activity back to pre - pandemic levels. i also take great solace from the fact that the vaccination rollout continues to gain momentum, in the maldives particularly, and also in many other parts of the world. as the percentage of the eligible population that has been safely and fully vaccinated in continues to grow, i would like to take this opportunity to urge all eligible maldivians and residents that are yet to do so, to get vaccinated at the earliest, in accordance with the advice and recommendation of medical professionals and public health experts. before i conclude, i would like to reaffirm our sense of cautious optimism for the current trajectory of economic growth and recovery. i

the mainstream financial markets in many ways, we need to be more creative in adopting and embracing these technologies. it should be tailored towards local needs. we need to bring together local flavors when creating a more enabling environment for innovations. therefore, it is essential to put in extra effort to build relevant expertise and necessary skills. this is because such investments will serve as the bedrock to provide a level playing field in terms of providing access to finance and succeeding in our journey to close the financial inclusion gap in the nation. if we look at it in a global context, many countries are also struggling to keep up with the everevolving financial system and to adopt fintech solutions through the formal financial channel. one area that i want to shed light is the risks and threats to financial integrity. there are rising concerns regarding customer as well as investor protection, and even the adequacy of the financial safety net. well! we can always amend or supplement the existing regulatory framework to address many fintech driven risks. but how far can we go? some of the unprecedented issues arisising from new financial products and activities may not even lie in the current regulatory perimeter. therefore, in order to adopt these new technologies such as cryptocurrencies and blockchain in the formal banking system, we require a major overhaul in the regulatory framework to contain risks and to maintain trust and confidence in the system. distinguished guests, certainly, fintech has opened up new paths to help bridge existing gaps, and to shine a guiding light towards a more financially inclusive future. however, every journey comes with its own set of risks and uncertainties. treacherous terrains may lie ahead, and as such, we must remind ourselves of the mistakes we have made in the past, which resulted in events such as the asian financial crisis, the dot - com bubble and the most recent global financial crisis. in fact, much of the on - going narrative about the emergence of crytopcurrencies and blockchain alludes to a growing lack of trust and confidence in the existing financial system. in light of these, i would like 2 / 3 bis central bankers'speeches to stress on the importance of maintaining financial integrity and fostering a culture of trust and confidence in the system. the financial sector, as a whole, requires of itself to be more vigilant to the potential risks arising from new technologies and innovations. let me conclude by offering my humble gratitude to the bank of maldives for hosting this excellent conference and inviting