ellison pidik : a milestone in papua new guinea ’ s micro finance industry speech by mr ellison pidik, assistant governor for financial system stability of the bank of papua new guinea, on behalf of mr loi bakani, governor of the bank of papua new guinea, at the opening of women ’ s micro bank limited, port moresby, 15 august 2014. * * * acknowledgements • board of directors • hon. richard maru, mp, minister for trade, commerce and industry. • management & staff of women ’ s micro bank ltd ( wmbl ) • national council of women • other women groups of png • distinguish guests • ladies and gentlemen 1. 0 introduction good morning to you all. i am representing the governor of the bank of png, mr. loi bakani, to officiate at this event – the official opening ceremony of the women ’ s micro bank limited. i wish to thank the board and ceo of women ’ s micro bank ltd ( wmbl ) for the invitation to officiate in today ’ s event in what promises to be a historic milestone in png ’ s micro finance industry, a women ’ s only micro bank. just recently in june this year i had the pleasure of accompanying the governor of the central bank to officiate in the historic occasion of the presentation of the banking business licence to women ’ s micro bank. there are few important reasons for being here today partly to witness the results of the hard work of the board, management and staff of wmbl, culminating in the opening of the new micro banking premises. this event is remarkable in a sense that wmbl has achieved a milestone of being the fifth ( 5th ) deposit taking microfinance institution to be licensed by the bank under the banks & financial institutions act 2000 ( bfia ) and more importantly the first women ’ s ’ micro bank in png and the pacific region. women ’ s micro bank will finally open its doors to the public especially our women folks for business and we commend you. we look forward to the difference this institution will have on the lives of many families through the financial services that you will make available to the women and mothers of this nation. the png government stresses the need for development of the financial and banking sector to promote inclusive growth to achieve the objectives of vision 2050. as an institution, you will now contribute towards achieving that vision. 2. 0 global movements in financial inclusion

bojan markovic : desirable capital inflows in serbia speech by mr bojan markovic, vice - governor of the national bank of serbia, to dealers at the bloomberg conference, belgrade, 27 april 2010. * * * deliberating consequences and policies of capital inflows seems perhaps inappropriate against the backdrop of recession and depreciation pressure on dinar. yet, the situation may change rapidly, as the recent experience of the emerging europe attests. just a year ago poland, czech republic and romania were concerned about capital outflows and weakening exchange rate – as was serbia. now there are increasing signs that capital starts flowing again into the emerging europe and these countries are finding it difficult to cope with the consequences. a similar turnaround in capital flows can happen in serbia anytime soon too – we are not doing worse than these countries as regards the macroeconomic performance or financial system stability. one such trigger could be the planned issue of medium - term t - bonds that are likely to attract much attention of international investors. it is perhaps wise to use this occasion and review the thinking about capital flows from the perspective of the national bank of serbia. we feel it is important for traders and other players in the financial markets to understand the central bank ’ s attitudes so that they could anticipate our policies and feel comfortable in their activities. capital inflows are welcome! they have been a necessary backbone of our growth model, helping the serbian economy to realize its catch - up potential in the absence of domestic savings. before the crisis foreign savings financed most of our investments ( the investment share was 28 % of gdp and domestic savings around 8 % ). hand in hand went large productivity gains and terms of trade improvements, which were mostly associated with foreign direct investments ( share in gdp of 7 % was relatively high ). capital flows also contributed to improving financial sector infrastructure, increasing the resilience of the financial system to shocks, and allowing for a smoother and efficient allocation of resources. however, by drawing on foreign savings capital inflows also allowed our consumers and government keeping high consumption levels. practically the entire serbian income was consumed in the period before the crisis. such a model of growth was therefore socially attractive, but economically unsustainable. the prospects of repaying the ballooning external debts were dim against the backdrop of low competitiveness and exports of our economy. and although the investment ratios looked high, even higher were necessary, especially given that the investment structure did not support