. one can compare this situation with the tailoring of a suit for a special occasion. let me make this comparison. one can find a good tailor and ask him to make a suit for a special occasion. all measures can be taken, such as the length of the arms and the length of the legs. the suitable materials can be found. one needs the appropriate fabric, in the appropriate color. upon all these preconditions of ( 1 ) the good tailor ( 2 ) the precise measures ( 3 ) suitable materials, the tailor can start the tailoring of the suit. but, there is still no guarantee that the suit will fit you perfect. or, it may happen that you look appealing in the tailor - shop, but not at the day of the special occasion. for instance, the temperature may have fallen so that you need an additional coat, or even a different fabric. or, the environment of the special occasion may make you look overdressed. you tried to make it perfect, but the environment is lagging behind. factors that you could not influence yourself can make you look different from how you had wished to look with the new suit. conclusion : the suit is not suitable, or better, the suit is not ( yet ) suitable. for this reason we have to try the tailored suit regularly. all preconditions for inflation targeting need to be checked and re - assessed on a regular basis. at this round table we discussed econometric modeling, statistics and communication, also the legal framework, the internal governance at the bank of albania and the arranged agreements with the ministry of finance and instat. during this year we drafted the new banking law. this law increases customer protection, sets the legal grounds for credit information registry, introduces new rules for risk administration, bringing more confidence in the banking system as well. with the assistance of the imf legal department we revised the agreement with the ministry of finance. these agreements were standardized to emphasize the role of the bank of albania as fiscal agent. moreover this agreements aim at creating a cooperative and partnership environment. we remain committed to further increase cooperation with major governmental agencies to ease their proper understanding of monetary policy process, its implications and the need for harmonized and coordinated policies. concluding i would like to underline that we are carefully evaluating the degree to which these preconditions are met before shifting to fully fledged inflation targeting in the medium run. such strategy will further increase the effectiveness of the monetary policy in albania further

have negative implications on the industry image and the bank, including creating opportunities for “ rent seeking ” and corrupt practices. this has tended to create a screen between the licensing authority and potential investors in this market. c ) licensing procedures : on licensing of new bureaus, you note that the bank has introduced new licensing procedures that involve a two stage process, which include : i ) ii ) in the first stage, applicants are expected to submit application documents including : • certified copy of certificate of incorporation and memorandum and articles of association ; • a feasibility study of the proposed forex bureau ; • particulars and “ fit and proper forms ” of proposed shareholders and directors ; • declaration and confirmation that no shareholder and / or director has a similar position or role in any other forex bureau in kenya ; and • provide evidence of non - interest bearing deposit of us $ 30, 000 and core capital of us $ 30, 000. in the second stage, the central bank will issue a letter of intent to prospective bureaus to enable them commit funds by paying the requisite fees and deposits, and prepare premises for inspection before issuance of licence and approval to commence operations. the central bank has cleaned up the process and i do promise you an efficient licensing procedure. d ) compliance : let me take this opportunity to once again urge the industry to ensure that they have sound and effective internal control and management information systems to enable prompt and accurate submission of returns. 6. in conclusion, ladies and gentlemen, let me take this opportunity to invite the industry association chairman / representative to make some remarks. thereafter, we shall have a short discussion on industry concerns. i also urge you to continue to work together with my staff in development of the industry and in seeking solutions to the various challenges that will arise from time to time. thank you.