by 50 basis points in all, bringing it down to its present historically low level of 3. 75 percent. a number of actions have also been taken by the bank of korea to stabilize the financial markets. it has ensured an adequate supply of liquidity through open market operations in order to counter temporary financial market unease. this emerged in march following the revelation of accounting malpractices at a few large companies and worries about credit card companies going under. it resurfaced in june when the staff of chohung bank went on strike. the bank of korea will continue to adopt a “ look at everything approach ” in the future, taking into overall account the impact of changing conditions at home and abroad on growth, prices and the balance of payments. in the course of conducting monetary policy, particular attention will be paid to alleviating potential risk factors including household debt so as to ensure the stability of the financial markets. from the start of next year, the revised bank of korea act will come into effect, substantially increasing the bank of korea ’ s powers and its degree of independence. under the revised central banking legislation, the existing practice of setting an inflation target every year will be replaced by a medium - term inflation targeting system. the central bank is also given greatly increased responsibilities for the comprehensive management and oversight of the payments and settlements system. in keeping with its heightened role, the bank of korea will strive even harder to be effective in achieving the twin goals of its monetary policy : macroeconomic stability and financial stability.

mohamed s fofana : banking developments in sierra leone statement by mr mohamed s fofana, deputy governor of the bank of sierra leone, at the launching ceremony of the new guaranty trust bank logo, freetown, 28 july 2006. * * * mr chairman, hon vice president, solomon e berewa, hon ministers, board of directors, management and staff of the guaranty trust bank ( sl ) ltd, distinguished ladies & gentlemen i am pleased to be here with you this morning at the launching ceremony of the new logo of guaranty trust bank ( sl ) limited. we are all aware that change is inevitable in a dynamic world. and that change itself is dynamic, which is why we are all gathered here today. distinguished ladies and gentlemen, a logo is a symbol or trademark designed for the clear and easy recognition of an institution by both its clients and its competitors. we in the banking industry, as indeed the nation in general, have come to identify guaranty trust bank with a particular logo in the recent past. the change from the old logo, which is two small squares flanking guaranty trust, to a new logo, which is a big orange square with a small white square at the top right side and gt bank inscribed at the bottom of the orange square, is welcomed by the bank of sierra leone. the features of the new logo, which are orange - representing passion for people and the drive for excellence, white - representing commitment to integrity and professionalism, and the squares - representing stability and dependability, are all symbols of the bank ’ s commitment to growth, prudent and efficient service delivery to our country, as well as customer care. mr chairman, since the guaranty trust bank ( sl ) limited commenced operations in january 2002 after the successful take over of the first merchant bank plc nigeria, it has consistently improved its performance and expanded its operations in the country ; notably with the establishment of three branches. as at 31st may 2006, guaranty trust bank ’ s total assets amounted to le47. 05 billion and shareholders ’ funds stood at le5. 84 billion. loans granted to various sectors of the economy have also gone up to le9. 16 billion. all of these are significant and commendable achievements in a short time. distinguished ladies and gentlemen, over the last couple of years, the bank has committed itself to the provision of efficient banking services to the people of sierra leone. it has introduced among other