, celebrate their achievements and support their wellbeing. as we continue to invest in our teams, we must also recognise that technological advancement is accelerating rapidly. it is crucial that we embrace these advancements 1 / 2 bis - central bankers'speeches not just as enhancements to our operations but as tools to drive greater efficiency and effectiveness across the bank. from artificial intelligence to digital transformation, we will continue to harness technology to stay ahead of the curve, ensuring that our workforce is empowered, skilled, and adaptable. in addition to our focus on technology, we must also reflect on the strategic positioning of our institution as we face new realities in central banking. issues like sustainability and climate change are not just peripheral concerns - they are becoming central to our mission. as you are aware, we are currently undergoing an exercise to integrate sustainability - related risks and opportunities into our decision - making framework, ensuring that our strategies are aligned with global trends and regulatory expectations. the landscape of payments is also shifting beneath our feet. from sunsetting legacy systems to the rise of cryptocurrencies and digital assets, the infrastructure challenges we face are complex but surmountable. we must be prepared to lead in this area, ensuring that our payment systems remain secure, resilient, and future - proof. furthermore, with our ongoing building projects, business continuity will be a central theme, ensuring that we remain operationally sound as we modernise our physical and technological infrastructure. at the core of these discussions is the need to bring more efficiency into our operations and streamline our decision - making processes. efficiency will not only improve our internal performance, but also enable us to respond to external pressures with greater agility and foresight. over the course of this retreat, we will dive into several key areas that are critical to the bank's success. first, we will review our organisational performance, assessing where we stand today and identifying areas for improvement. second, succession planning will take centre stage. as we move forward, ensuring a smooth and thoughtful leadership transition is essential for maintaining stability and continuity within the bank. in closing, i encourage each of you to participate openly and candidly. this retreat is not only about the challenges we face, but also about envisioning a future where we continue to thrive as an institution. thank you, and i look forward to our discussions. thank you. 2 / 2 bis - central bankers'speeches

and private stakeholders to achieve the development and implementation of the national strategy. in fact, the procurement for consultancy services to assist with the development of the strategy is currently being initiated. ladies and gentlemen, these initiatives and engagements towards financial consumer empowerment echo the recent global tempos in respect of financial education. there has been an increased focus on financial literacy internationally, particularly since the 2008 financial crisis which has exposed the effects of lack of financial education amongst consumers, leading many countries to develop or start developing national financial education strategies. whilst other countries are yet to roll out strategies at the national level, ample efforts are being put into designing financial education programmes or interventions for specific groups of the population. the message is clear : financial education matters and it matters at many levels. primarily, from a social welfare perspective, it matters in terms of the ability of people to manage their financial affairs prudently and live within their means. financial education is meant to empower individuals in the financial marketplace, in terms of increasing their ability to make informed decisions and meaningful participation in the markets, allowing them to better manage personal and household finances and resources. financially savvy consumers who interact effectively with providers of financial services are more likely to achieve their financial goals and therefore improve their households ’ welfare. moreover, financial education is instrumental in supporting financial inclusion policies through creation of awareness of the availability of financial products and services and through developing confidence in the use of such products and services. accordingly, financial education contributes to the development of financial systems and markets as well as to the promotion of more transparent competition amongst financial service providers. in fact, financial education is very much considered as the first line of defence and protection for consumers of financial products and services, since it complements the regulatory and supervisory measures in place. it is widely recognised that individuals across the globe, living in different economic, financial and social circumstances have to take more responsibility for their future financial well - being and protection. it is important to consider that while authorities will devote resources and work towards establishing mechanisms that will support financial consumer empowerment, it is important to acknowledge that the ultimate responsibility rests with the individual to ensure that financial knowledge and skills acquired are transformed into positive financial behaviour. ladies and gentlemen, allow me to stress that cbs and its partners remain committed to the development of the financial sector in line with our respective mandates. the successful development of the financial sector must be sustained, amongst other factors, by appropriate legislative and supervisory frameworks, including an effective regulatory framework for financial consumer protection,