a few staff with all the usual amenities. ladies and gentlemen, within this new building we have also provided for the reserve bank of fiji ’ s first fully fledged archives. we are grateful to the national archives for their assistance in making this a reality and we look forward to continued cooperation and assistance in maintaining sound record management practices and the managing of our documents for national posterity. our first fully fledged archives will meet our needs well into the future. this site is linked by fibre leased line to our primary site at the reserve bank building in suva, allowing for a fast and reliable flow of data. there are added features to this link to enhance security of data. in addition to the usual utilities, we have stored water and there are two generators that will back up any loss of power to the building. the building is also well secured with the use of cctv cameras which are linked to the main control room located at the reserve bank building. in terms of building design standards, the building is designed to withstand most severe cyclones and earthquakes. the design incorporates an appropriate level of augmentation of normal loading levels allowed by the respective design codes and fully complies with the provisions of the national building code of fiji. it is also in line with recognized overseas standards. i am proud to say, in summary, that the building has been designed to provide maximum resilience to disasters and has been equipped with very high level security controls. finally, ladies and gentlemen, i would like to acknowledge and thank the numerous persons who have contributed to the successful completion of this project. these include : – the reserve bank of fiji board, for their foresight and continued support ; our in - house project team ; larsen, holtom, maybin, in particular colin radford, the project architect and manager ; engineered designs limited, the structural engineers ; irwin alsop, the building services engineers ; raghwan construction, the main contractor ; and to all sub - contractors, i extend the sincere gratitude of the bank and thank you for your efforts. with these words i am proud to declare the reserve bank of fiji business resumption site operational! thank you.

of comparative advantage, to new areas of growth, with the private sector being the main driver of growth. resources have continued to shift towards the services sector, towards strengthening linkages in the manufacturing sector, and to the resource - based industries and the agricultural sector. this has contributed to a well - diversified economic structure and has increased the resilience of the economy to external developments. the financial sector has also seen significant transformation. the restructuring, consolidation, and internal rationalisation of the banking sector is now virtually completed. governance and risk management practices have also been improved while structural enhancements have been made in the capital market, significantly enhancing its role in the financial system. a comprehensive and robust islamic financial system now also operates in parallel with the domestic, conventional financial system. against the background of strengthened economic fundamentals and financial system, malaysia has taken the opportunity to sequentially deregulate and liberalise the financial system. this includes the introduction of a new interest rate framework that is market - driven, 1 / 2 the liberalisation of foreign exchange administration rules to promote greater efficiency and enhance risk management in foreign exchange transactions, and the introduction of new foreign players into our financial system. in july this year, malaysia adopted a managed float for the ringgit exchange rate to better position malaysia to respond to structural changes in the global and regional environment. under this arrangement, the ringgit is monitored against a basket of currencies of malaysia's major trading partners. in this world of greater uncertainty, there has been significant focus on the issue of surveillance and risks and vulnerabilities. experience has shown that surveillance has improved policy performance as well as the ability to take pre - emptive action to contain the impact of disruptive and destabilising developments. these efforts, however, need to be balanced by efforts to enhance the capacity of countries not only to manage the risks and vulnerabilities, but also to sustain their own capacity to support growth and development. capacity building involves helping countries to help themselves. it requires enhancing the institutional capacity of the country. support in putting in place the necessary institutional structures, arrangements and systems would increase the potential for the sustainability of the development process. strengthening these foundations are vital to the deregulation and liberalisation process. they represent the pre - conditions to any reform agenda. in this regard, capital account liberalisation needs to be managed in accordance with the country's own institutional capabilities and implementation capacity. supporting financial infrastructures, sound and strong financial institutions,