behavioral responses that lead to multiple feedback channels. another area that has garnered notable popularity of late is e - dsge ( or environmental dsge ) models. the prospect of climate change and its potentially grave impacts on economic wellbeing are central concerns for policymakers around the world today. e - dsge models build on 2 to evaluate social costs of the integrated assessment models ( iams ) pioneered by nordhaus, environmental degradation. today, work on this area is in full swing. going forward, novel models that incorporate dynamics linking pandemic and environmental conservation to the macroeconomy are likely to feature alongside unified framework models as a key tool of policy advice. in concluding, i would like to leave you with an exciting question, motivated by the rapid strides that we have made in recent years in both computer processing power and unorthodox data collection. the question is ; as central bankers, how can we best marry insights from bigdata and unconventional real time high frequency indicators to further enrich our macroeconomic models? utilizing real time information is central to effective policymaking and new real - time indicators and proxies of macroeconomic activity have proved extremely useful during the current pandemic. the logical next step would be to devise formal modeling procedures to make effective use of such unorthodox indicators as web scraping, credit card transactions data, and real time data on transportation, port activity, and the like. let us try to embrace this as our common challenge as we look to strengthen our modelling activity in the coming years. i look forward to insightful presentations from our experts and a rich discussion on the latest modeling practices in different saarc central banks. 1 ansah j. p., epstein n. & nalban v. ( 2020 ), ” covid - 19 impact and mitigation policies : a didactic epidemiological - macroeconomic model approach, ” imf working paper no. 20 / 233. 2 nordhaus ( 2013 ) has garnered considerable attention regarding climate change and macroeconomic policy. 3 / 3 bis central bankers'speeches

country in the world to use this new security feature. on the 50 and 20 dollar notes, we have retained the “ multi image hologram ” or the round silver foil, but instead of having both of them of the same shape we have different shapes – the 50 dollars have the shape of a turtle and the 20 dollars the shape of a fan. on counterfeits, i wish to clarify that in relation to the total value of currency in circulation, the combined value of counterfeits is extremely negligible at. 0009 percent. we obviously cannot completely eradicate counterfeits. however, we are well aware of the importance of safeguarding at all times public confidence in our currency. the bank will therefore continue to work with the fiji police force to renew media awareness on the security features of our currency notes. for the first time, fiji ’ s banknotes will vary in length to help the visually impaired. the 100 dollar note will be the length of our existing banknotes. the length of the lower denomination will progressively reduce by 5 millimetres. this means that the two dollars will be the shortest note being 25 millimetres less than the 100 dollar note. the notes will all have the same width as the current notes. i am confident that we will be proud of our new banknotes. in the next two weeks, we will be starting a public awareness campaign to inform the public of the new notes. the new banknotes will go into circulation from 10 april. the new and the “ existing ” notes will circulate side by side until the existing notes go out of circulation. both designs are of course legal tender. with the introduction of the 100 dollar banknote, we have the same highest denomination with developed countries like the united states, australia and new zealand. the united states has stated that it is not raising its highest banknote above 100 dollars. i believe that it would be a very, very long time before fiji will think again about raising its highest bank note. once again, i express our sincere thanks to his excellency, the president for agreeing to be our chief guest. we are indeed honoured that you have graced the occasion with your presence today. i now have the pleasure of inviting his excellency to address us.