fsdt for extended cooperation and assistance. we have together as stakeholders identified barriers to financial inclusion and their corresponding core enablers that will be implemented in a coordinated manner to overcome the bis central bankers ’ speeches barriers. these have been put together in the document that you will today witness its launch. financial stakeholders realized that financial inclusion couldn ’ t be achieved with everyone working in silos. rather it requires a concerted cooperative approach that will be used to address the challenges of financial inclusion in tanzania systematically and in a coordinated manner. ladies and gentlemen : financial inclusion is important to the economy, it enables improving the welfare of the poor, – contribute to financial stability ; and to growth of micro - business that ultimately stimulate growth of other sectors in the economy. tanzania has made significant strides to enhance the proportion of adult population who are formally included ( adults with accounts in formal financial institutions ). in 2006 the proportion stood at 9 %, 12 % in 2009 and in 2012 it was 17 %, or 22 % formal inclusion if we include saccos. cognizance of this low rate of formal financial inclusion, we identified a number of barriers that account for such state of affairs. these include : supply side barriers ranging from, high interest rates, services that don ’ t meet demand side needs, costs, to inefficiencies of service delivery. demand side barriers include, information asymmetry, irregular income patterns, and financial literacy. structural and regulatory barriers include, stringent or lack of proportionate requirements for client on - boarding, lack of regulatory framework for broad based micro - finance services, lack of centralized national identification system to mention but a few. ladies and gentlemen : in order to build impetus and push for acceleration of financial inclusion we made an international commitment under the afi auspices ( the maya declaration ) to increase formal access of financial services to 50 % by 2015. the afi network, that has more than 100 countries ’ regulators and policy makers as its members, has enabled us to gain knowledge in financial inclusion through peer - learning and peer - pressure. it has also enabled us to host international forums for the establishment of africa mobile phone financial service policy initiative ( ampi ) in february 2013 in zanzibar. ampi has been instrumental as a platform to share experiences on how countries in africa may scale up the use of mobile money for financial inclusion. tanzania has been used as one of the success stories in using mobile telephony to deliver financial services. and we have already hosted some central

this time. this reflects the impact of considerable policy easing by the ecb and bank of japan, which has further widened long term interest rate differentials with new zealand. while the new zealand dollar has eased recently on a twi basis, the exchange rate remains unjustified in terms of current economic conditions, particularly export prices, and unsustainable in terms of new zealand ’ s long - term economic fundamentals. we believe that, over time, new zealand ’ s growth differentials will narrow vis a vis the advanced economies, making the new zealand dollar more likely to undergo a significant downward adjustment. reflections on monetary policy so what might this mean for monetary policy going forward? annual consumer price inflation is currently running at 0. 8 percent. the low rate of headline inflation is driven by the high exchange rate, low global inflation, and falling oil prices. inflation in the tradables sector has been negative for much of the past 2½ years and remains very weak. our pricing models point to further declines in headline inflation over the coming year as a direct result of this weakness in traded goods prices. non tradables inflation – the more persistent component of inflation that is driven by domestic demand pressure and government charges – has been running at around 2½ percent. this inflation has come from varied sources including construction, household utilities and property maintenance, and taxes on tobacco and alcohol. cpi inflation and components ( annual ) source : statistics new zealand, rbnz estimates. we are currently undertaking analysis for the march mps, but annual cpi inflation is expected to be below the band and could become negative for a period during 2015 as the the us dollar has appreciated by 15 percent on a twi basis since june 2014. the new zealand dollar has depreciated by 16 percent against the us dollar since june 2014. bis central bankers ’ speeches direct and indirect impacts of falling oil prices feed through the economy. we regard the fall in the oil price as a positive supply shock that will temporarily lower headline inflation. we then expect inflation to increase and move back towards the middle of the 1 percent to 3 percent target band, albeit more gradually than previously anticipated. we increased the ocr by 100 basis points in the period march 2014 to july 2014 because consumer price inflation was increasing as the output gap became positive and was expected to increase further. since july, the ocr has been on hold while we assessed the impact of the policy tightening and the reasons for the lower - than - expected domestic inflation outcomes. the