the system is affordable. malawi, in particular would like to learn how others have approached this issue within their own countries. · through the use of the rtgs the float the banks used to enjoy is totally reduced. this used to be one of the sources of profits for banks. after the introduction of the rtgs what are the alternative sources of revenue which our banks should now rely on? ladies and gentlemen, i also wish to urge you to seriously debate on the issues relating to the role of this crisp user group and how often should its members meet. the issues to be tackled by the user group should also be discussed and agreed. this is particularly important at this stage to avoid this group simply being a social club. we need to derive some benefit from it and assist each other to ensure that our systems are efficiently managed. what is the status of financial system modernisation in sadc and what are the next steps? various steps can be taken to help strengthen financial systems. on a macro - economic level, sound, market - orientated banking and financial systems should be promoted by undertaking structural reforms necessary to remove distortions in the economy that weaken the financial system and undermine effective supervision. stronger supervisory regimes and the institutional strengthening of the supervisory agency in a country should be undertaken. countries should acquire high - quality payment and settlement systems and other market infrastructures such as effective clearing and bookentry systems, and ensure that such reforms are supported by the necessary legal reforms. more generally, countries should ensure that the general financial business practices and processes are in line with international best practices. in taking these steps to modernise or strengthen the financial system in a country, the help of international institutions such as the international monetary fund, the world bank and the bank for international settlements, or companies that specialise in financial sector reform can also be employed. most countries in the sadc region have already taken an important first step in developing a sound and robust domestic payment system, which is to define a payment system strategy and development plan. many countries already have the legal framework required to support such a payment system in place, while five countries in sadc have gone further and have already acquired a real - time gross settlement system. seven others are set to move in this direction within the foreseeable future. regular consultation with other countries and market participants is important, especially on a regional level, to ensure coordination of policies and strategies, but also to share views and possibly learn from one another. in order to share these views

likely to be prolonged and thereby continue to impart an upward impulse to global food, energy, and commodity prices. this will in turn feed into global consumer price inflation in the months ahead. the inflation story in singapore is not too different from the global story. as in the major economies, inflation in singapore started edging up towards the end of last year on the back of a strong recovery in demand. the singapore economy grew by a robust 7. 6 % in 2021 and the labour market returned to full employment. core inflation edged up progressively over the course of last year, from 0. 2 % in q1 to 1. 7 % in q4, as spare capacity was absorbed. the growth momentum has slowed this year but the economy remains on track to come in within the lower half of the 3 - 5 % gdp growth forecast. in h1 2022, growth has continued and broadened across sectors, coming in at 4. 4 % on a year - on - year basis. the economy is currently 6 % above its pre - pandemic levels. the output gap is positive at 0. 6 % of potential gdp, meaning the economy is operating slightly above its underlying capacity. the external - oriented sectors such as manufacturing and financial services are facing some headwinds in light of weaker growth prospects in the global economy. but the domestic - oriented and travel - related sectors are performing strongly, benefitting from the easing of mobility and travel restrictions here and in the region. the labour market has tightened and wage growth is running ahead of productivity gains. the seasonally adjusted resident unemployment rate has declined to 3. 0 %, the lowest rate since end - 2018. yet, total employment is still 2. 5 % below the pre - pandemic level – mainly because singapore lost 15 % of its non - resident workforce since december 2019. job vacancies are at record high levels with broad based increases across sectors. the vacancy - to - unemployment ratio is at its highest level since 1998. resident wages have risen by an average 6. 2 % year - on - year over the past three quarters, running slightly ahead of real productivity growth of 5. 5 %. imported inflation reflecting supply disruptions caused by the russia - ukraine war has significantly added to price pressures. import prices facing singapore have surged by 27 % in may this year, compared to the same period last year. about 80 % of this was contributed by higher oil and food prices. this step - up in energy and food