caroline abel : counterfeit banknote detection remarks by ms caroline abel, governor of central bank of seychelles, at the counterfeit banknote detection seminar, mahe, 7 october 2019. * * * esteemed facilitators from de la rue, seminar participants representing various stakeholder organisations, central bank colleagues, good afternoon, on behalf of the central bank of seychelles, it is a pleasure for me to welcome you to this fourday seminar on counterfeit banknote detection. i would like to take this opportunity to thank our partners from de la rue, a company having extensive knowledge and expertise on the subject matter, for joining us in this endeavour. i am equally delighted that our local stakeholders have responded positively to be part of this knowledge sharing experience. currency counterfeiting is a long - standing and global phenomenon, and seychelles has also recorded its share of reports on the circulation of forged banknotes over the years. as the sole authority that issues banknotes in seychelles, the central bank has taken steps to prevent counterfeiting and maintain public confidence in our local currency. as recently as 2016, we issued a new family of banknotes into circulation, embedded with new and improved security features. nevertheless, we are mindful that there is a need to be more vigilant and proactive, as counterfeiters are also keeping pace with new technologies for their criminal activities. it is for this reason that i commend the initiative of the banking services division, through its currency function, for putting together this multistakeholder seminar to stimulate discussion and engagement on this important subject. the issue of counterfeiting should be a matter of concern not only for us as the currency issuing agent, but also for the commercial banks, other financial institutions, as well as other partners, such as the law enforcement and regulatory authorities, and the public at large. the ability for criminals to gain access to equipment that can produce counterfeit banknotes – including the ability to replicate the security features, as well as difficulties relating to investigation of counterfeiting activities, are but some of the challenges with which we are currently faced. i am hopeful that the seminar will not only highlight the extent of the counterfeiting problem globally and in seychelles, but also create a platform for the sharing of ideas and expertise on how to tackle such challenges. while it is important to keep abreast of developments with regards to enhancing the security features of banknotes and attempts by criminals to forge currencies, it is equally

nets and the nature of the financial systems. as incomes have risen in asia, average savings rates in the region have fallen a little in recent years, but they remain higher than in most other parts of the world. https : / / www. rba. gov. au / speeches / 2019 / sp - gov - 2019 - 10 - 29. html 8 / 18 10 / 30 / 2019 some echoes of melville | speeches | rba graph 5 a third factor affecting savings outcomes in many economies is the high level of borrowing in previous years ( graph 6 ). while the experience differs across countries, at the global level, the stock of debt outstanding relative to gdp has steadily increased for the past 50 years, and is now around a record high. the big shift has been in private debt, particularly in the advanced economies, but public debt has also trended higher over recent decades, after declining following world war ii. https : / / www. rba. gov. au / speeches / 2019 / sp - gov - 2019 - 10 - 29. html 9 / 18 10 / 30 / 2019 some echoes of melville | speeches | rba graph 6 one probable consequence of high levels of debt is that people are more careful with their spending and are less inclined to take on yet more debt. this is especially so when income growth has disappointed, as it has over recent times. in a number of countries, both government and households feel constrained by their previous decisions to borrow and are seeking to put their balance sheets on a sounder footing. one way they can do this is by spending less and saving more. so these are some of the factors that are influencing global saving outcomes. i would now like to turn to the investment side of the equation. this is important as you might recall that melville argued that at zero interest rates there would be an almost unlimited number of things to invest in. today's reality, though, is somewhat different. here again i will point to three inter - related factors. the first is the high level of uncertainty. the second is slower population growth. and the third is some pessimism about future productivity growth. it is well understood that there has been a high level of global economic policy uncertainty over recent times. this is evident in measures of policy uncertainty calculated from news stories in https : / / www. rba. gov. au / speeches / 2019 / sp - gov - 2019 - 10 - 29. html 10 / 18 10 / 30 / 2019 some