gross settlement ( rtgs ), electronic trading platform ( negotiated dealing systems – order matching ) ( nds - om ) and a separate central counter party ( ccp ) in the clearing corporation of india ltd ( ccil ) for guaranteed settlement are among the steps that were taken by the reserve bank over the years towards this end. the system makes g - sec trading practically risk free and efficient. 21. the system of primary dealers ( pds ) was established to provide support to the market borrowing programs of the government and also to impart liquidity in the secondary markets. subsequent to the withdrawal of the reserve bank of india from the primary market, as mandated by fiscal responsibility and budget management act 2003, the pd system has been underwriting the entire government of india market borrowing. 22. to meet the diverse funding and hedging needs of the participants, there is need for a wide array of instruments and products which would also offer benefits of diversification in the portfolio. over the years, several instruments like zero - coupon bonds, capital - indexed bis central bankers ’ speeches bonds, floating rate bonds, separate trading of registered interest and principal of securities ( strips ), bonds with call and put options, cash management bills, inflation indexed bonds have been introduced after wide consultations with market participants. plain vanilla fixed coupon bonds, however, remain the mainstay of issuances. 23. reserve bank has always focused on improving liquidity in the debt markets. reserve bank has constituted a working group ( chairman : shri. r gandhi ) to examine ways to improve liquidity in government securities and interest rate derivatives market which made several recommendations including suggestions for consolidation of debt. many of the working group recommendations are being implemented. the recommendations, such as, truncating the time window for bidding in the primary auction ; changing the settlement cycle of primary auctions in treasury bills ( t - bills ) from t + 2 to t + 1 ; conduct of primary auctions in g - sec as a mix of both uniform - price and multiple price formats ; re - issuances of existing securities in state development loans ; and migration of secondary market reporting of otc trades in g - sec ( outright and repo ) from pdo - nds to nds - om and croms, respectively, have been implemented. work is in progress with regard to recommendations on consolidation of public debt. 24. as a result of the dms, all sustainability indicators, viz., level of debt

these incentives are offered in the context of the so - called " international headquartering " policy. according to the latest central bank of cyprus forecasts of december 2022, the growth of the cypriot economy is expected at 2, 5 % this year which compares well to the euro area average of 0, 5 %. inflation is expected to decelerate in 2023, levelling at 3. 3 %, from 8. 1 % in 2022. foreign investment in cyprus, as i mentioned before, constitutes a significant driver for development. in recent years, major multinational firms in the information, communication and technology industry ( ict ), have relocated or expanded their activities in cyprus, supporting cypriot gdp and reinforcing the vision to transform cyprus into an emerging technology hub in the mediterranean. cyprus'importance as a foreign investment hub is also reflected in the greenfield fdi performance index1, created by fdi intelligence, according to which in 2021, cyprus was ranked in 18th place out of 84 countries included in this index ( climbing by 50 places compared to 2020 ). undoubtedly, the shipping sector is another important pillar of cyprus'economic success. limassol, cyprus'maritime capital, is the home of influential names in the shipping industry, which boosted the country to the top ranks of the sector. indicatively, cyprus is the largest third - party ship management centre in the european union, one of the largest in the world2 and is primed for further growth. the importance of the sector is evident in the balance of payments data where it ranks third in terms of its contribution to the total value of exports of services at 19 % for 2021, after the financial services and ict sectors, with contributions of 32 % and 23 %, respectively. concluding remarks let me conclude by underlining the challenges for policy makers : the global inflation dynamics are currently being addressed by central banks, but the fight is far from over. monetary policy is being utilised at a different pace in different regions, due to the differences in economic fundamentals. however, we should not forget that other policies also play a role. for instance, state support should avoid horizontal measures and instead use targeted fiscal measures, 3 / 4 bis - central bankers'speeches which focus on the economically vulnerable, in order to support social cohesion but avoid undermining monetary policy measures against inflation. finally, regarding the shipping sector, it is and will continue to be the backbone of the global economy. in fact, when talking about the