, interest rates worldwide are now very low or even, in the recent period, negative. consequently, low or negative interest rates are not a purely swiss phenomenon. they are a worldwide trend which switzerland cannot escape. as a small open economy, switzerland is closely linked to other countries through international trading and capital flows. the snb has to take this into account when formulating its monetary policy. traditionally, interest rates in switzerland are lower than in other countries, since switzerland has long had low inflation and is also politically very stable. the swiss economy benefits from this interest rate advantage in the form of low capital costs. this is expressed in a number of ways, including the high quality of infrastructure and high labour productivity. during the financial crisis, interest rates abroad fell more sharply, overall, than in switzerland. consequently, the interest rate differential between investments in foreign currencies and those in swiss francs had declined to almost zero towards the end of last year. this made the swiss franc even more attractive for investors. the swiss franc is equally attractive to both domestic and foreign investors. the upward pressure on the swiss franc is not only due to the fact that foreigners want to invest in the swiss franc, but also because swiss residents invest less abroad or repatriate their international investments. allow me to explain this in more detail. for a long time, switzerland has had a current account surplus, in other words, it exports more goods and services than it imports. in addition, the high level of international investments earns significant investment income. due to the current account surpluses, switzerland has built up considerable foreign assets over time. these asset holdings abroad were largely invested in foreign currencies, partly because of the more attractive returns. 1 the net revenue earned with the current account surpluses has to be “ re - exported ” in the form of foreign securities purchases or investments abroad. in the years before the financial crisis, inflows attributable to the current account surplus were more or less balanced by outflows in the form of private capital exports. following the financial crisis, the situation changed completely. risk appetite in switzerland reduced sharply. investment of the proceeds from the current account surplus abroad by the domestic private sector has become increasingly restrained. moreover, a portion of existing international investments is even being repatriated to switzerland. this has very substantially increased private demand for swiss francs, resulting in upward pressure on the currency. at the end of 2012, switzerland ’ s foreign assets

, will provide a framework through which we will jointly determine effective policy solutions to advance mfs across the african continent while recognising the unique circumstances, environments, conditions and needs of each country within the region. specifically, ampi will seek to launch new, or expand on existing mfs policy, regulatory initiatives and strategies with the objective of deepening the penetration of mfs across africa in line with our national agendas and policy priorities, including the maya declarations, where they apply. further, ampi will provide a platform for regional networking and cooperation. african afi members will be in a position to share experiences and address policy issues which are common in nature. this is expected to help us develop effective solutions, policy strategies and regulatory frameworks that will be beneficial not only to africa but also to the wider afi network. ladies and gentlemen, it is envisaged that ampi ’ s broad objectives will be achieved through tailored activities which include ; • tapping into the synergies and experiences of the afi african members ; bis central bankers ’ speeches • mapping of comparative case studies on policies and regulatory implications of new business models ; • advancement of research, studies and exchange of knowledge and experiences around mfs ; • supporting the implementation of the maya declaration commitments relating to mfs ; and • secondment / attachment of staff / members to different organisations of african afi member countries for further learning. to successfully operationalise the ampi initiative, we propose to establish an ampi help desk, but not necessarily a physical one, which will provide all technical coordination towards the implementation of ampi ’ s objectives and activities. the key mandates of this help desk will be focused on facilitating communication of the results and progress of ampi, enabling engagement among the afi members and external stakeholders and ensuring synchronization of the overall afi strategy towards enhancing mfs in africa. in addition, it will contribute to our fulfilment of the maya declaration commitments relating to mfs. we will discuss, sharpen and adopt this proposal over the next two days. ladies and gentlemen, it is my ardent belief that this initiative will go a long way in enhancing financial inclusion in africa. ampi will pave the way for us to create an enabling environment to support the delivery of financial services through mobile phone technology and other emerging technologies, leading to increased penetration of mfs in africa. in addition, through the interaction between members and the external stakeholders, ampi will serve as a peer learning and knowledge platform for afi