conduct sound economic policies and accumulate adequate reserves. this leads to the paradoxical situation that unconventional measures applied in a crisis might lower the incentive to maintain preventive measures during normal times. in turn this increases the likelihood that unconventional measures will be needed again in the future, i. e. crisis resolution might tradeoff with crisis prevention. these moral hazard considerations are a well - known problem whenever insurance is provided in a context of asymmetric information. their negative effects can be mitigated to a certain extent. for instance, appropriate pricing of foreign currency liquidity provision can limit its function to that of an emergency backstop facility which is costly for banks to use. additionally, the framework has to be in line with global economic objectives, such as price stability, balanced growth and efficient international allocation of resources. • policies that preserve price stability in the long term should also ensure stability of the financial system. however, in short term these two objectives might appear to conflict. even when liquidity in domestic currency is provided to another country, it might find its way back to the domestic economy and contribute to inflationary pressure, if not sterilised. • a buildup of national reserves might itself contribute to systemic instability. a reserve framework requires stability of the reserve currency in order to act as a global store of value and an anchor for price stability. however, the triffin - dilemma notes that the accumulation of reserves implies persistent current account deficits of the reserve - issuing country. this potentially creates instability and fuels global imbalances. moreover, such a reserve system aggravates interdependence between the reserve accumulating countries and the reserve - issuing country. for instance, the us treasury market relies largely on demand from emerging market central banks. this dependence is likely to increase as the federal reserve phases out its asset purchase program, reducing us demand. • this is connected to potential negative side effects of reserve accumulation or intervention in foreign exchange markets. in consequence, it can distort exchange rates and prices of other assets and might be difficult if not impossible to disentangle from its benefits. • finally, an acceptable solution from the country perspective might not appear desirable from the global perspective. for instance, excessive accumulation of foreign exchange reserves might distort international capital allocation. this leads me to the general conclusion that there are many practical obstacles to a first - best solution for foreign exchange reserve provisioning. ultimately, i will conclude with some considerations on the challenges facing the global framework for

adherence to international best practices. with this dialogue, we look forward to enhancing our repertoire of sustainable solutions. ladies and gentlemen, thinking of the continent, we cannot run away from the fact that illegal wildlife trade is one of today ’ s most lucrative forms of organised crime that has not spared the esaamlg region. and similar to many countries in the region, seychelles, which boasts a unique biodiversity ranging from the legendary coco - de - mer, the giant aldabra tortoise, the sea turtles, a variety of insects, bird and fish species, among others, has also been witnessing an increase in poaching and crimes related to the illegal trade of endemic flora and fauna, including some of the endangered species. the seychelles ’ ministry of environment, energy and climate change notes that as recently as 2017 and earlier this year, several reports of people smuggling giant land tortoises and even reptiles out of the country, have been recorded. this includes the seychelles'giant bronze gecko, as rightly mentioned by the minister in his opening address, which is believed to be sold for thousands of usd on the international market. it is evident that if left unchecked, such practices pose the risk of establishing very perverse activities locally just to feed such markets. and although complex we need to combat illegal wildlife trade because besides generating significant losses in assets and revenues, illegal wildlife trade is also a threat to the livelihood of our communities, our ecosystems, and even food security. as we speak the value of illegal funds being derived from illegal trade in wildlife in seychelles is not specifically known, although we are well aware of existence of such trade. nevertheless, the fact that this phenomenon has emerged and is affecting our jurisdiction and wider region, is reason enough for us to try and find mechanisms that will allow us to better understand the financial aspect of this illicit activity, and have a concrete understanding of the money flows linked to this lucrative trade. i cannot end, without addressing what is a well - known fact - that we are experiencing a constantly evolving financial sector, among which is the growing use of innovative financial products and services that have undoubtedly changed our financial landscape. however, while the use of financial technology has helped to enhance efficiency, allowing access to finance for the broader community, this has also brought about its fair share of risks and challenges. aside of the wellknown cyber - security risks, we also have challenges relating to the implementation of aml / cft requirements, relating to new technological