##13 / 14 is projected to be in the range of 0. 0 per cent to 1. 0 per cent. the risks to the bis central bankers ’ speeches forecast are assessed to be on the downside and relate to weaker than expected external and domestic demand. near - term outlook monetary policy over the near term will continue to focus on maintaining single - digit inflation in the context of a flexible and competitive exchange rate regime. further, given the current forecast for inflation and growth in the economy as well as continued fiscal consolidation, the bank can be expected to maintain its current monetary policy stance, including the issue of a series of longer - dated instruments. over the longer term, the bank ’ s objective is to achieve a gradual reduction of inflation to a rate that is consistent with that of our main trading partners. we believe that the combination of low inflation and exchange rate flexibility is a valuable tool in maintaining the competitiveness of the export sector. robust expansion in the export sector will contribute to sustained economic growth and improvements in real per capita incomes. with respect to foreign exchange reserves, we expect to see a seasonal fall in reserves in the quarter and the next. this pattern has been factored into the setting of the targets under the eff for september and december, a period when imports are highest. thus, while we are likely to continue to exceed the nir targets given the margin that we already enjoy, we should nevertheless expect to see a seasonal fall in the nir in the september quarter. ladies and gentlemen : the world economy is gradually recovering from the depression which started in 2008. jamaica must position itself to take hold of the opportunities which will be opened for growth and success. in this regard, i continue to urge you to take note of the catalytic and comprehensive reforms which the government has been implementing, including enhancements in access to credit for the private sector and initiatives to diversify the sources of energy, thereby lowering production costs. these reforms are aimed at improving the macroeconomic environment and removing impediments to growth. in the context of historically low interest rates and on - going reforms to create a more businessfriendly environment, i am encouraging all economic agents to strengthen their resolve and redouble their efforts. thank you. bis central bankers ’ speeches

imperative for member countries, companies and individuals. the survey reveals that 1 in 2 persons in the eccu are not financially resilient. i think of financial resilience as the capacity to absorb and bounce forward from a shock, such as a health event, a job loss, an economic downturn, a natural disaster or even a pandemic. let's face it, there are persons in the eccu who have experienced all these shocks during the past five years. when it comes to our personal finances, we must hope for the best but plan for the worst. never forget, hope is not a strategy. every citizen should aspire to be financially literate and resilient. armed with the results of this survey and seized with a sense of urgency, i issue a clarion call for a coalition of partners and champions ( institutionally and individually ) to join the eccb as we craft and implement a strategy to scale up financial literacy and inclusion in the eccu. the mission of the eccb is " to advance the good of the people of the currency union " where they do not merely strive but thrive. could you imagine what our currency union would be if every citizen were financially literate? we would be thriving! could you imagine if every high school graduate in the eccu were financially literate? to achieve this, we need our ministries of education and the caribbean examinations council to make this outcome a high priority. could you imagine the improvement in mental health, financial resilience and well - being if more of our people were capable of managing their personal finances? could you imagine if every workplace - starting with governments ( the largest employers ) offered financial wellness programmes? 3 / 4 bis - central bankers'speeches that would be a new day and a giant stride in our big push for financial resilience and wealth creation! this is a cause worth pursuing, with huge potential dividends. as a region, we cannot change our history nor can we change our geography, but collectively we can elevate our development trajectory through innovation and collective action. let us seize the moment and may god crown our efforts with resounding success. i thank you. 4 / 4 bis - central bankers'speeches