for the rate decision and the committee's assessment. 1 / 3 bis - central bankers'speeches chart 3 : low growth in the norwegian economy growth in the norwegian economy was low through last year and has remained weak this year. high inflation and the rise in interest rates have reduced household purchasing power and consumption, and residential construction has shown a sharp decline. economic activity is being supported by public sector demand and heavy investment in the petroleum industry. information from our regional network indicates that economic growth will pick up a little in the second half of this year. but there are wide differences across industries, with oil services expecting strong growth and the construction industry a continued decline. over the past couple of years, the labour market has become less tight, and firms are finding it easier to fill their recruitment needs. employment is high, but the share of the population employed has fallen a little. unemployment has edged up from a low level. chart 4 : inflation has declined markedly from its peak at its highest, inflation was above 7 percent. according to last week's data, inflation is now running at 2. 6 percent. excluding energy prices, which are quite volatile, inflation is a little higher than 3 percent. inflation has been lower than we expected in june. international inflation has also fallen notably, and central bank rate cuts are now expected to be deeper and faster than before summer. chart 5 : wage growth is high while wage growth is subsiding among many trading partner countries, it is still high in norway. wages increased by 5. 2 percent last year, and a comparable increase is expected this year. we expect wage growth to moderate in the years ahead, but given weak productivity growth, business costs will continue to grow at a fast pace. chart 6 : the krone has depreciated the krone exchange rate has depreciated in recent years and is now weaker than at the time of the june monetary policy meeting. a weaker krone means an increase in prices for imported goods and services, and higher costs for firms that depend on imported intermediate goods. for the export industry, a weaker krone means increased profitability, which can lead to higher wage growth and, in turn, to higher inflation. movements in the krone exchange rate are determined by a wide range of conditions, in both norway and internationally. this makes it difficult to explain all exchange rate movements, but we can safely say that the interest rate matters for the krone exchange rate. if we had not tightened monetary

, we will organize sukuk master class workshop to develop the competence of practitioner of islamic banking and finance community, particularly in sukuk issuance. in our views, corporate sukuk should be encouraged along with the development of sovereign sukuk. 9. third, at society ’ s side, in order to enhance awareness and commitment of stakeholders in supporting islamic economic acceleration, bank indonesia organize indonesia sharia economic festival since 2014. this event provides intellectual discussions and business avenues among industry practitioners, business leaders, regulators and shariah scholars to spur the future growth of islamic finance. 10. in terms of organization, after sharia banking department moved to ojk, bank indonesia has established new department on shariah economics and finance. it is our commitment to strengthen some initiatives to achieve indonesia as regional center of islamic economic and finance. distinguished guests, ladies and gentlemen, 10. please allow me to end my speech by expressing appreciation and sincere gratitude to all speakers and participants, particularly the willingness to attend this special event. i also would like to wish you all a productive discussion and deliberation in this important event. i am confident that supported by all participants in this room, we can achieve significant outcomes that are beneficial to promote human capital development in the area of islamic economy and finance. 11. finally, allow me to thank all the hard - working and dedicated staff, both from bank indonesia and irti - idb, for making this seminar possible. however, we fully understand that the seminar one way or another is still far from perfect. in this respect, therefore, we would like to seek forgiveness for any inconveniences occur in this seminar. i once again welcome you to this seminar and wish you every success in your deliberations. thank you very much. wa billahi tawfiq wal hidayah. wassalamu ’ alaikum warahmatullahi wabarakatuh bis central bankers ’ speeches