stakeholders who deal with the bank including the general public if we are to win the war against fraud and corruption. we would like the general public to report on many issues including ; a. production of counterfeit currency ; b. illegal externalisation of currency ; c. operation of unlicensed financial institutions ; d. fraud and mismanagement ; e. corrupt practices ; f. abuse of office and office facilities ; g. procurement related malpractices. it is therefore, against this background, distinguished guests, ladies and gentlemen that the bank decided to subscribe to tip - offs anonymous as a mechanism for early detection and a deterrent against fraud, corruption and any unethical concerns the bank may encounter. i am particularly pleased, therefore, to note that the programme has already started producing fruits and it is expected that with this launch, more reports will be received. it is imperative that we should, indeed, be adequately familiar with the reporting procedures like the toll free hotline, the postal address, emails and the website as they have to become part of our daily operations in reporting any malpractices observed. ladies and gentlemen, this programme will only work if people use it. i therefore, urge you to take this programme seriously as it is the safe way to report any malpractices and remain anonymous and also get rewarded for the good tip made. please inform as many as you can so that together we can root out the evil among us. i need to reiterate that we are serious as our motto states “ not in the reserve bank of malawi ”. with these few remarks, i now declare the rbm tip - offs anonymous programme officially launched. let ’ s join hands in the fight against unethical behaviour. i thank you all for your kind attention. reserve bank of malawi 11 july 2017

help stimulate and enhance domestic financial reforms. actually, in the absence of the challenge created by foreign competition, domestic financial reforms may not be broad and fast enough. moreover, in terms of best practices dissemination, the presence of foreigners in the capital of domestic banks may ensure a faster adoption of international standards and codes, especially concerning the monitoring, control and management of financial and operational risks. this is crucial for the resilience and the stability of the financial system. the report of the cgfs working group on " fdi in the financial sector of emes " highlighted that a lasting benefit of these fdi was their effects on the financial sector efficiency, thanks to the generally associated technology transfers and innovations in products and processes. in addition to their lower volatility, this is one more reason why attracting long - term capital flows, such as fdis, seems preferable to catching short - term flows, although the lessons from the chilean experience versus some asian misadventures suggest there is no unique model for all. but i saw that the size of fdis in india which had been hitherto rather low is rising significantly ( 16 billions usd in 2006 - 07 ) which is good sign of its attractiveness. in france also we pay a lot of attention to inflows of fdis ( above 60 billions in 2006 ) as they matter as well in a more mature economy. so when setting the pace of internal versus external liberalisation, the authorities have to strike the right balance and rhythm between the two sides. in this respect, let me evoke briefly the way we managed this process in france in the 1980s. financial liberalisation started with the domestic side by : • modernising the money market ; • deepening the bond markets, using the public sector as a benchmark ( in order to price risks through a full yield curve for risk - free assets ) ; • broadening the basis of the equity markets ( including privatisations ) ; • last but not least, creating new financial markets ( futures, options … ). meanwhile, but sometimes with lags, the french capital account was liberalised. we switched from a situation, in 1983, where the exchange rate controls were at their tightest, following speculative attacks and three devaluations in 18 months, to a gradual removal of these controls beginning in 1984 and completed in 1990. trade - related operations were gradually liberalised, followed by most financial transactions and, finally, residents were allowed to freely open foreign